On the morning of May 8, the price of the leading cryptocurrency surpassed the $99,000 mark. The catalyst was U.S. President Donald Trump’s promises of “the biggest tax cut” and a “major trade deal.”
According to informed sources NYT, the latter involves Britain. Details of the agreement remain unknown.
At the time of writing, Bitcoin is trading at $99,150, with a daily growth rate of 2.4%.
The top 10 most capitalized crypto assets are showing positive dynamics within the range of 1.3-5.1%.
$100,000 and China
In a conversation with The Block, BTC Markets representative Rachel Lucas expressed confidence in the possibility of testing the $100,000 level and returning to the all-time high — provided Bitcoin can hold above this mark.
“One should expect short-term volatility and profit-taking around ’round’ resistance levels. At the same time, the broader trend remains constructive,” she explained.
The deal with Britain could be the first step in the White House chief’s bid to renegotiate trade terms favorable to the U.S. after introducing “liberating tariffs” in April.
The initiative could partially alleviate the uncertainty cited by the Fed in its decision to maintain the key rate.
On May 7, Bitcoin was boosted to $97,000 by signals of a potential easing in trade tensions between Beijing and Washington.
From May 9-12, a meeting is expected in Switzerland between U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer with Chinese Vice Premier He Lifeng to “ease trade tensions.”
In an interview with Decrypt, Nansen analyst Aurelie Bartere noted that recent statements by Donald Trump and Scott Bessent signaled to the market that tariff pressure escalation is likely to be less aggressive than previously expected.
“Investors seem to believe there is a Trump put regarding stocks, treasury bonds, and cryptocurrencies,” — the specialist indicated.
According to her estimates, the probability of Bitcoin reaching a ATH is 55%, as “this rally still needs confirmation,” especially amid negotiations with China.
Back in April, Binance founder Changpeng Zhao suggested that the digital gold price could reach $500,000 and even $1 million in the current cycle.
Earlier, Standard Chartered urged buying the leading cryptocurrency and forecasted its price increase to $120,000 in Q4.