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Bitcoin (BTC), the leading digital currency, has received the ultimate trigger that could make it skyrocket to an all-time high (ATH) if buying momentum is sustained. Michael van de Poppe, a crypto enthusiast, highlighted this in a post he shared with the community.
U.S-China trade deal sparks Bitcoin rebound
According to van de Poppe, the broader financial market signals positive sentiment as there are indications of a trade deal between the U.S. and China. This suggests that the global market will likely witness reduced tension and improved trade relations.
Following negotiations over the weekend, both countries have lowered tariffs to 30% for 90 days until a further review is completed.
This development could improve the outlook for the broader financial market and benefit risk assets like Bitcoin.
Notably, the macroeconomic environment might see a reduction in inflation rates, lower interest rates and general market stability. As concerns over tariffs ease, the global market is likely to see a calmer investor push.
Such a scenario might favor Bitcoin to rise toward new peaks that could see it flip the ATH of $109,114.88 it attained on Jan. 19, 2025. The asset has already achieved a new ATH against the NASDAQ.
Interestingly, Bitcoin reached a high of $105,747.45 momentarily in the last 24 hours before witnessing a correction. As of press time, Bitcoin is changing hands at $105,219, a 1.56% increase in the period under consideration.
Despite the correction, investors are still actively engaged, as trading volume has climbed by 13.12% to $50.43 billion. This suggests that traders keep accumulating BTC, as many anticipate an upward trajectory.
Institutional players bet big on Bitcoin ETF
Meanwhile, van de Poppe, in his analysis, believes Bitcoin would likely trade sideways before breaking higher. He also expects altcoins to outperform BTC in the short term.
As the market awaits this prediction, institutional investors are betting on Bitcoin with a large amount of funds. An investment bank, Goldman Sachs, expanded its portfolio with 30.8 million shares of Bitcoin ETF worth $1.4 billion.
This was done via investment in BlackRock’s IBIT exchange-traded fund (ETF), making Goldman Sachs the largest holder in the asset manager’s firm.
Vladislav Sopov