Donald Trump’s hinted at a “big announcement” on May 8 at 10 AM ET, which catalyze Bitcoin (BTC) price rally to nearly $100k. Will this news-driven rally push BTC price to $100k?
Trump’s comment has caused Ethereum price to shoot 6%, which is also seen across other altcoins in the crypto market today.
Why is Bitcoin Price Up Today?
Bitcoin price today trades at $98,934.0 on 5 AM. In the past 24 hours, BTC is up 2.63% with a daily high of $99,401.0 on May 8.
As noted above, Donald Trump said.
“Big news conference tomorrow, 10 am EST in the Oval Office.”
Trump also added that this would be regarding a major trade deal with a “big and highly respected country.”
Despite Trump’s trade war and building macroeconomic pressure, the BTC trades at $98,934.0 after bouncing 1.38% in the early Asian session. The optimism can be attributed to massive spot Bitcoin ETF inflows that have crossed the $3 billion mark in the past two weeks.
Will BTC Hit $100k Today?
Bitcoin price exploded from $95.7k to $99.4k in just eight hours, but is currently undergoing correction and is down 0.65% from the local top. May in the crypto community believe this sudden rally could be market front-running the announcement, which may cause a sell-the-news event.
As for BTC price, revisiting the $100k psychological level is uncertain. While volatility from the news may lead to a brief retest of $100,000, buyers must defend and retain this level for a sustained uptrend. Until Trump’s announcement, Bitcoin price predictions are neither bullish nor bearish.
