$BTC Bitcoin is set to surge towards 120,000 dollars after a U.S. federal court blocked most of President Donald Trump's tariffs, according to a cryptocurrency analyst.

"The trade court's decision was an epic blow and is going to intensify the momentum behind Bitcoin," said Pav Hundal, chief analyst at Swyftx, to Cointelegraph.

The U.S. International Trade Court reportedly prevented Trump from imposing his tariffs on May 28, arguing that he had overstepped his authority.

The court "opens a gap in trade negotiations"

Hundal claimed that the decision would have a domino effect on Bitcoin's price and believes that "new all-time highs are on the horizon and that, at this stage, the momentum is largely irreversible."

The current all-time high of Bitcoin

BTC

96,204 €

, of 111,970 dollars, was reached on May 22, but has since fallen to around 107,750 dollars, according to data from CoinMarketCap.