A cryptocurrency analyst has stated that Bitcoin is expected to surge towards $120,000 after a U.S. federal court blocked most of President Trump's tariff measures.
Swyftx Chief Analyst Pav Hundal told Cointelegraph: "The trade court's decision is an epic and perfect conclusion, which will strengthen the momentum behind Bitcoin."
It was reported that the U.S. International Trade Court blocked Trump's tariff measures on May 28, citing that he acted beyond his authority.
Hundal indicated that this decision will have a ripple effect on Bitcoin's price, believing that "new historical highs are imminent, and the momentum at this stage is essentially irreversible."
According to data from CoinMarketCap, Bitcoin's current all-time high of $111,970 was reached on May 22, but it has since fallen back to around $107,750.
Reports indicate that the Trump administration has appealed the court's decision, and Hundal stated that regardless of whether new reasons for the tariffs are presented, market sentiment has already changed.
"In any case, this has opened a gap in trade negotiations, which means we may see significant adjustments in the market."
On April 2, Trump signed an executive order claiming to use emergency powers to impose a 10% so-called "reciprocal tariff" on every country.
The initial tariffs imposed by Trump on Canada, Mexico, and China in early February were widely seen as a major catalyst for Bitcoin dropping below $100,000 and remaining below this psychological threshold until May 8, as broader macroeconomic uncertainties intensified.
"The trade war may have delayed a meaningful greed rally—but it hasn't completely stopped it. The trend is upward," Hundal said. BitMEX co-founder Arthur Hayes added: "It's a full buy for round two."
Cryptocurrency analyst Bitcoin Ranchy remarked, "So Trump's tariffs are illegal? Does this mean we will see a full-blown green candle tomorrow?"
Hundal noted that "a large amount of capital" is flowing into Bitcoin through corporations, spot Bitcoin ETFs, and retail investors. As of the trading week ending May 23, U.S.-based spot Bitcoin exchange-traded funds (ETFs) recorded a total inflow of $2.75 billion.
"The court order has only accelerated the rotation of risk assets in the U.S. and Asia," Hundal stated.
He added that all data indicates "there is solid support for spot Bitcoin demand, and the options market has a very strong consensus on $120,000."
Geoff Kendrick, Standard Chartered's Global Head of Digital Assets, recently stated in an email seen by Cointelegraph that Bitcoin is expected to reach $120,000 in the first half of 2025 and surge towards $200,000 by the end of the year, driven by the rise of stablecoins.
Related: Analyst: Bitcoin (BTC) is in a "critical turning zone," potential consolidation period may be approaching
This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original article: “Bitcoin (BTC) may face an 'epic surge' to $120,000 after U.S. court blocks Trump tariffs”
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