Bitcoin's price momentum is putting the crypto on track for a 14% rally by year-end, according to a technical analyst. It hovered around $117,000 on Friday.

Factors contributing to Bitcoin’s surge include the pro-crypto stance of President Trump, which has spurred greater interest from institutional investors.

Bitcoin has traded in a tight range for several weeks despite billions of dollars flowing into bitcoin exchange traded funds.

Stocks moved lower in early trading Friday as investors digested the latest threats from President Donald Trump to impose hefty tariffs on U.S. trading partners.

Bitcoin BTC $107,903.47 whales, investors who already hold in excess of 10,000 BTC, are buying up more of the largest cryptocurrency in a sign of confidence in further upside even as the price sits just a few percent below its all-time high around $112,000.