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Bitcoin price reaches $100,000 for the first time since February
This achievement comes as President Trump pointed to a 'big trade deal' and Treasury Secretary Scott Pientz's readiness to hold talks with China.
In short
Bitcoin regained the $100,000 price level for the first time since February amid upcoming trade talks between the U.S. and China and a potential trade agreement with the U.K.
Analyst Jeff Kendrick from Standard Chartered believes that the price of Bitcoin will reach $120,000 by the end of the second quarter, which could be influenced by decisions from the Federal Reserve regarding interest rates.
Institutional investment continues to grow with positive inflows to ETFs of $142 million on Wednesday, as global institutions increasingly view Bitcoin as a means to diversify away from U.S. dollar assets.
The price of Bitcoin reached the $100,000 range for the first time since February, as the U.S. prepares for trade talks with China and is set to unveil a deal with the U.K.
According to data from CoinGecko, the leading cryptocurrency briefly surpassed $100,000 before retreating to its current price of around $99,500, up 2.6% for the day and 3.5% for the week.
The 'Great Trade Agreement' referred to by U.S. President Donald Trump on the social media platform Truth Social would represent a diplomatic milestone in the wake of the economic upheaval sparked by the sweeping tariffs imposed as part of his 'Liberation Day' agenda.
This news comes as U.S. Treasury Secretary Scott Pientz prepares to travel to Switzerland for talks with China, the first meeting to discuss the trade war since Trump announced the tariffs. Pientz noted that the talks would focus on 'easing tensions,' not on reaching a comprehensive trade agreement.
But Jeff Kendrick, a Standard Chartered analyst, believes that the price of Bitcoin will easily rise before the end of June. He wrote in a memo shared with Decrypt: 'My specific target of $120,000 for the second quarter seems achievable.'
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He also noted that the deadline for large institutional investors is next week, which means that all ETF issuers, MicroStrategy, and other top officials on Wall Street will reveal how much exposure they have to Bitcoin on their balance sheets.
At the end of December, the Abu Dhabi sovereign wealth fund acquired a small stake equivalent to 4,700 Bitcoins in IBIT. I expect this stake to have increased, with other long-term investors joining it, Kendrick said. He added: 'It is worth noting that the Swiss National Bank recently started buying MSTR, joining the Norwegian pension fund.'
By the end of his memo, Kendrick seemed to have convinced himself that his Bitcoin price target of $120,000 might be overly conservative.
"I apologize because my target of $120,000 in the second quarter may be too low," he concluded.
The value of Bitcoin rose from around $94,000 earlier this week, following the Federal Reserve's policy update on Wednesday, which kept interest rates unchanged. Federal Reserve Chair Jerome Powell noted a 'growing sense of uncertainty,' praising the 'robust state' of the U.S. economy.
