Bitcoiners expect Bitcoin to soon break past $100,000 and potentially hit a new all-time high as US President Donald Trump is set to announce a trade deal with the UK.
Trump
said
In a May 7 posting on Truth Social, it was stated that a “significant trade agreement” with a “large and widely esteemed nation” would be unveiled on May 8, as reported by The New York Times.
reported
would be the UK, according to three individuals acquainted with the plans.
Bitcoin inches toward $100,000
When Trump shared his message, Bitcoin (
BTC
It was trading at approximately $97,759 and has since risen close to the psychologically significant $100,000 mark, reaching $99,140 at the time of writing.
according
to CoinMarketCap data.
Various Bitcoin enthusiasts and market experts attribute the surge towards $100,000 to speculations about the trade agreement.
The head of finance at Australian cryptocurrency exchange BTC Markets, Charlie Sherry, informed Cointelegraph that “while others were pessimistic and predicting further declines,” Bitcoin’s price took an unexpected turn upwards.
As commonly happens in financial markets, just as the general sentiment becomes strongly pessimistic, the prices tend to reach their lowest point, and new market patterns begin to develop.
Sherry indicated that it’s plausible the trade deal is already being reflected in Bitcoin’s price.
“While we may see psychological resistance at the $100k mark, it seems inevitable Bitcoin puts another zero on the board,” Sherry added.
FOMO21 co-founder Neil Jacobs
said
Regarding point X, the surge in Bitcoin’s value was mainly attributed to Trump’s announcement.
Crypto entrepreneur Anthony Pompliano
said
The approaching trade agreement suggests that the likelihood of reaching fresh record peaks in 2025 is growing.
On January 20, Bitcoin hit its peak at $109,000 shortly before Trump was sworn in for his inaugural address.
Pandora CEO Sahib Anandsongvit
said
He mentions that he “can’t pause to consider” how Bitcoin reached $80,000 just a short while back, noting Bitcoin’s value at around $98,000 when he posted this, along with emphasizing Trump’s upcoming trade agreement. Bitcoin previously hit the $80,000 mark on April 11 and didn’t climb back up to $90,000 until April 22.
Related:
Bitcoin rebounds to $98K as Federal Reserve keeps interest rates unchanged amid Trump’s requests.
Trump’s message was posted shortly after the US Federal Reserve declared that it would maintain interest rates between 4.25% and 4.50%.
in spite of growing pressure from Trump
to lower interest rates.
Bitcoin hasn’t reached $100,000 since February 1st.
Trump proposed import tariffs
Regarding China, Canada, and Mexico, cryptocurrency investors seem to have a more optimistic outlook on the broader market, as indicated by the Crypto Fear & Greed Index showing a “Greed” score of 65.
Bitcoin saw a rise of about 3% within the last day, resulting in roughly $96 million worth of short positions being liquidated.
according
to CoinGlass data.
Magazine:
Adam Back indicates that the Bitcoin price cycle could be ’10 times larger’ and expresses ’empathy’ for those who bought into ETFs.
The content of this article neither provides nor suggests financial investments or strategies. Any form of purchase or sale activity carries risks, hence viewers should perform independent investigations before reaching conclusions.
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