Bitcoin is poised to rally toward $120,000 after a US federal court blocked the majority of President Donald Trump’s tariffs, a crypto analyst says.
“The trade court decision was an epic mic drop, and it’s going to intensify momentum behind Bitcoin,” Swyftx lead analyst Pav Hundal told Cointelegraph.
The US Court of International Trade reportedly blocked Trump from imposing his tariffs on May 28, arguing that he overstepped his authority.
Court “blows a hole in trade talks”
Hundal said the decision would have a domino effect on Bitcoin’s price and believes “new all-time highs are imminent, and the momentum is largely irreversible at this stage.”
Bitcoin’s (BTC) current all-time high of $111,970 was reached on May 22, but it has since fallen to trade around $107,750, according to CoinMarketCap data.
Bitcoin is down 3.36% over the past seven days. Source: CoinMarketCap
The Trump administration has reportedly filed an