Bitcoin’s bull run may be poised for take-off as a recent US federal court ruling blocks a majority of President Donald Trump’s proposed tariffs. Swyftx lead analyst Pav Hundal suggests this development could fuel an “epic mic drop” rally towards $120,000. With the US Court of International Trade curtailing Trump’s authority on May 28, Bitcoin’s momentum may be significantly bolstered.
Court’s decision impacts trade talks and Bitcoin prices
Hundal predicts considerable market repositioning post this court decision, as it disrupts trade negotiations and induces a domino effect on Bitcoin’s price. Despite an ongoing appeal from the Trump administration, market sentiment remains unchanged. Since Bitcoin’s current all-time high ($111,970) on May 22, it has dipped to roughly $107,750, according to CoinMarketCap data.
Trade war impacts Bitcoin prices
Trump’s tariffs, imposed in early February on countries like Canada, Mexico, and China, were largely blamed for Bitcoin’s price falling below the $100,000 mark. However, Hundal suggests this setback didn’t “bury” prospective Bitcoin rallies. The trend, according to BitMEX co-founder Arthur Hayes, is “Buy everything round dos.”
Green days ahead for Bitcoin?
Hundal believes a financial influx into Bitcoin is forthcoming, bolstered by corporations, retail investments, and spot Bitcoin ETFs (exchange-traded funds). Geoff Kendrick from Standard Chartered contends that this increased demand could catapult Bitcoin’s value to $120,000 in H1 2025 – setting its sights on $200,000 by the end of 2025.
In conclusion, the latest US court ruling provides Bitcoin a ripe opportunity to capitalize on market turbulence and shift investor behavior. The cryptocurrency sector is bracing itself for an exciting time ahead as Bitcoin’s well-awaited rally nudges closer to reality.
