So, guess what? Bitcoin is gearing up for a fabulous leap towards $120,000! 🎉 All thanks to a US federal court that decided to block most of President Donald Trump’s tariffs. Who knew the law could be so… helpful?
“The trade court decision was an epic mic drop, and it’s going to intensify momentum behind Bitcoin,” said Swyftx lead analyst Pav Hundal, probably while sipping a fancy latte. ☕️
The US Court of International Trade, in a move that surprised absolutely no one, blocked Trump from imposing his tariffs on May 28, claiming he overstepped his authority. Shocking, right? 🙄
Court “blows a hole in trade talks”
Hundal believes this decision will send Bitcoin’s price soaring like a catapulted rocket. “New all-time highs are imminent, and the momentum is largely irreversible at this stage,” he declared, probably while checking his own Bitcoin wallet. 💸
Bitcoin’s (BTC) current all-time high of $111,970 was reached on May 22, but it has since taken a little tumble, trading around $107,750. Thanks, Trump tariffs! 🙃
Now, the Trump administration is reportedly throwing a tantrum and has filed an appeal against the court’s decision. But Hundal insists that the market sentiment has already done a complete 180. “It blows a hole in trade talks either way,” he said, probably while rolling his eyes. 😒
On April 2, Trump signed an executive order claiming emergency powers, slapping “reciprocal tariffs” on every country starting at 10%. Because why not? 🤷♀️
His initial tariffs on Canada, Mexico, and China were seen as the main reason Bitcoin fell below $100,000 and stayed there until May 8. Talk about a buzzkill! 😩
“The trade war likely delayed a meaningful greed, really — but it didn’t bury it. The trend is higher,” Hundal said. Meanwhile, BitMEX co-founder Arthur Hayes chimed in with, “Buy everything round dos.” Because that’s what we all need, right? More Bitcoin! 🤑
Traders ponder “green candles” tomorrow
Crypto analyst Bitcoin Ranchy quipped, “So Trump tariffs are illegal? Does that mean we get green candles all around tomorrow?” Fingers crossed! 🤞
Hundal mentioned that “a wall of money” is flooding into Bitcoin from corporations, spot Bitcoin ETFs, and retail investors. The trading week ending May 23 saw US-based spot Bitcoin exchange-traded funds (ETFs) record a whopping $2.75 billion in inflows. Cha-ching! 💵
“The court order has just accelerated that rotation into risk assets across the US and Asia,” Hundal added, probably while checking his stock portfolio. 📈
He also noted that all data signals a solid floor for demand on spot Bitcoin and a very solid consensus for $120K in the option markets. Sounds like a party! 🎊
Geoff Kendrick, global head of digital assets at Standard Chartered, recently said in an email note seen by CryptoMoon that Bitcoin is expected to hit $120,000 in the first half of 2025, on its way to $200,000 by year-end, fueled by the rise of stablecoins. Because who doesn’t love a good financial rollercoaster? 🎢
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2025-05-29 09:22