Bitcoin (BTC) nears $100K as Trump set to reveal trade deal with the UK
Bitcoiners’ sentiment is growing bullish as Donald Trump prepares to sign a trade deal with the United Kingdom, which he believes will be the “first of many.”
Bitcoiners expect Bitcoin to surpass $100,000 and even reach a new all-time high as US President Donald Trump prepares to announce a trade agreement with the United Kingdom.
In a May 7 post on Truth Social, Trump claimed that a “major trade deal” with a “big and highly respected country” would be announced on May 8. According to The New York Times, which cited three sources familiar with the matter, that country is expected to be the United Kingdom.
BTC inches toward $100,000
When Trump wrote his post, Bitcoin (BTC) was trading at roughly $97,759 and had since creeped closer to the psychological $100,000 price level, trading at $99,140 at the time of publication, according to CoinMarketCap statistics.
Several Bitcoiners and observers attribute the surge towards $100,000 to trade-related speculation.
Charlie Sherry, head of finance at Australian crypto exchange BTC Markets, told Cointelegraph that Bitcoin defied widespread bearish sentiment.
“While most were predicting further declines, Bitcoin took the opposite direction,” he noted.
Sherry explained that markets often rebound when bearish sentiment peaks, forming new trends and structures. He also speculated that the anticipated trade deal might already be factored into Bitcoin’s price.
“We may encounter some psychological resistance around the $100,000 level,” Sherry added, “but it feels inevitable that Bitcoin will add another zero.”
Neil Jacobs, co-founder of FOMO21, stated on X that Trump’s declaration was the primary reason for the Bitcoin rally.
According to cryptocurrency entrepreneur Anthony Pompliano, the upcoming trade pact “means the odds are increasing that we hit new all-time highs in 2025.”
Bitcoin hit an all-time high of $109,000 on January 20, only hours before Trump’s inauguration.
Pandora CEO Sahib Anandsongvit stated that he “can’t stop to think” about how Bitcoin was $80,000 only a few weeks ago, citing Bitcoin’s $98,000 price at the time of the article and underlining Trump’s impending trade agreement. Bitcoin last traded at $80,000 on April 11, and barely recaptured $90,000 on April 22.
Trump’s remark came just hours after the US Federal Reserve stated that interest rates would remain at 4.25% to 4.50%, despite growing pressure from Trump to decrease them.
Bitcoin has not reached $100,000 since February 1, when Trump announced import duties on China, Canada, and Mexico. Meanwhile, crypto market players appear to be more optimistic about the broader market, with the Crypto & Fear Index showing a “Greed” score of 65. According to CoinGlass data, Bitcoin’s 3% climb in the last 24 hours resulted in the liquidation of about $96 million in short positions.
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