Bitcoiners expect Bitcoin to soon break past $100,000 and potentially hit a new all-time high as US President Donald Trump is set to announce a trade deal with the UK.
Trump said in a May 7 Truth Social post that a “major trade deal” with a “big, and highly respected, country” would be announced on May 8, which The New York Times reported would be the UK, citing three people familiar with the plans.
Bitcoin inches toward $100,000
When Trump published his post, Bitcoin (BTC) was trading at around $97,759 and has since crept up closer to the psychological $100,000 price level to trade at $99,140 at the time of publication, according to CoinMarketCap data.
Several Bitcoiners and analysts are crediting the rally toward $100,000 to speculation surrounding the trade deal.
Australian crypto exchange BTC Markets’ head of finance, Charlie Sherry, told Cointelegraph that “as everyone else was looking down and calling for lower,” Bitcoin’s price did the opposite.
“As is often the case in markets, just when consensus leans heavily bearish, price bottoms form and new market structures start to emerge.”
Sherry said it is possible that the trade deal is already getting priced into Bitcoin.
“While we may see psychological resistance at the $100k mark, it seems inevitable Bitcoin puts another zero on the board,” Sherry added.
FOMO21 co-founder Neil Jacobs said on X that the Bitcoin rally was primarily due to Trump’s announcement.
Crypto entrepreneur Anthony Pompliano said the incoming trade deal “means odds are increasing we hit new all-time highs in 2025.”
Bitcoin reached its current all-time high of $109,000 on Jan. 20, just hours before Trump’s inauguration.
Pandora CEO Sahib Anandsongvit said that he “can’t stop to think” how Bitcoin was $80,000 only a few weeks ago, pointing out Bitcoin’s $98,000 price at the time of the post and reiterating Trump’s looming trade deal. Bitcoin last traded at the $80,000 price level on April 11 and only reclaimed $90,000 on April 22.
Related: Bitcoin returns to $98K as Fed holds rates steady despite Trump’s demand
Trump’s post came just hours after the US Federal Reserve announced that it would keep interest rates at 4.25% to 4.50% despite mounting pressure from Trump to lower interest rates.
Bitcoin has not hit $100,000 since Feb. 1 after Trump proposed import tariffs on China, Canada and Mexico. Meanwhile, crypto market participants appear to be more bullish on the overall market, with the Crypto & Fear Index reading a “Greed” score of 65.
Bitcoin’s 3% increase over the past 24 hours has led to approximately $96 million in short positions liquidated, according to CoinGlass data.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
