Bitcoin Bulls Charge Toward $120K Following U.S. Tariff Decision - Cryptured.com

After a US federal court barred most of President Donald Trump’s tariffs, Bitcoin is expected to rise toward $120,000, according to a cryptocurrency analyst.

“It’s going to increase the momentum behind Bitcoin,” Swyftx chief analyst Pav Hundal told Cointelegraph, describing the trade court ruling as an epic mic drop.

Trump’s tariffs were reportedly halted on May 28 by the US Court of International Trade, which ruled that he had overreached his powers.

Court “blows a hole in trade talks.”

“New all-time highs are close at hand, and the momentum is almost irreversible at this stage,” Hundal added, predicting that the decision would have a cascading effect on the price of Bitcoin.

Bitcoin (BTC) has slipped to around $107,750 from its May 22 all-time high of $111,970, per CoinMarketCap. Reports say the Trump administration has appealed the court’s ruling.

Hundal stated that the market’s perception has already shifted, regardless of whether the administration offers a fresh defense for the tariffs.

In any event, it damages trade negotiations, which implies that the market will probably undergo a major realignment.

In an executive order he signed on April 2, Trump asserted emergency powers and imposed 10% “reciprocal tariffs” on all nations.

Bitcoin fell below $100,000 and remained below the psychological barrier until May 8 as broader macroeconomic uncertainty increased, largely due to Trump’s initial tariffs on Canada, Mexico, and China, which were implemented in early February.

The trade war didn’t bury it, but it probably postponed a significant greed rally. “It is on the rise,” Hundal stated. Arthur Hayes, a co-founder of BitMEX, advised, “Buy everything round.”

Tomorrow, traders consider “green candles.”

According to cryptocurrency expert Bitcoin Ranchy, “So Trump tariffs are illegal? Does that imply that tomorrow will be filled with green candles?

According to Hundal, “a wall of money” is entering the Bitcoin market through retail, corporate, and spot Bitcoin ETFs. Inflows into US-based spot Bitcoin exchange-traded funds (ETFs) totaled $2.75 billion for the trading week that ended May 23.

Hundal stated, “That rotation into risk assets across the US and Asia has just been accelerated by the court order.”

He noted that all of the evidence points to a strong floor for spot Bitcoin demand as well as a strong consensus for $120,000 in the option markets.

Standard Chartered’s global head of digital assets, Geoff Kendrick, recently stated in an email memo obtained by Cointelegraph that the emergence of stablecoins will drive Bitcoin’s price to $120,000 in the first half of 2025 and $200,000 by the end of the year.