#TradingTypes101 Bitcoin $120K ‘epic mic drop’ rally set after US court blocks Trump tariffs
Swyftx lead analyst Pav Hundal says “a wall of money” is coming into Bitcoin after a US court blocked Donald Trump’s tariffs.
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
$107,761
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.
The Trump administration has reportedly filed an appeal to the court’s decision and Hundal said that regardless of whether it presents a new justification for the tariffs, the market sentiment has already changed.
Traders ponder “green candles” tomorrow
Crypto analyst Bitcoin Ranchy said, “So Trump tariffs are illegal? Does that mean we get green candles all around tomorrow?”
Hundal said “a wall of money” is coming into Bitcoin through corporations, spot Bitcoin ETFs and retail. The trading week ending May 23 saw US-based spot Bitcoin exchange-traded funds (ETFs) record a total of $2.75 billion in inflows.
Related: Bitcoin analyst says BTC price peak in $220K to $330K range still possible
