Bitcoin is once again the talk of the town as it confidently stands above the $101.5K mark, shrugging off the Trump administration’s latest tariff rumblings. Asia kicks off its trading day with Bitcoin bulls eyeing an ambitious $120K target by the end of 2025, a goal that seems more plausible with each corporate treasury move and decreasing market volatility.
Bitcoin’s Bullish Outlook
The optimism around Bitcoin is palpable. Semir Gabeljic of Pythagoras Investments highlights the continued bullish sentiment in the market, driven by robust corporate buying and a marked decrease in volatility. “Despite the uncertainties introduced by the Trump administration’s tariff threats, Bitcoin’s performance remains relatively strong compared to other digital assets,” Gabeljic told CoinDesk. The digital currency’s resilience is evident, with traders on Polymarket pricing in a 69% chance of reaching that coveted $120K by year-end. This sentiment echoes recent developments, as detailed in Bitcoin Traders Eye Breakout to New Highs as Trump Says Tariff Deals Progressing.
FlowDesk, a Parisian market-making powerhouse, also echoes this optimistic vibe. Their recent note on Telegram points to a market that’s “coiling” to break free from its current narrow band. Though BTC funding rates on major exchanges like Binance show a slight dip—hinting at reduced leverage—on-chain borrowing is picking up steam, suggesting traders might be anticipating a significant market move soon.
Market Tensions and the Trump-Musk Drama
Meanwhile, the broader crypto market faces its own set of challenges. The $TRUMP memecoin took a nosedive, dropping over 9% following a fiery spat between President Donald Trump and Elon Musk. The dispute, sparked by disagreements over Trump’s “Big, Beautiful Bill,” has spooked investors, causing the memecoin to underperform compared to the broader market tracked by the CoinDesk 20 index.
The fallout from this public feud is compounded by additional drama within the Trump camp. A newly launched crypto wallet associated with the $TRUMP token went offline, hit by a cease-and-desist order from a rival Trump-affiliated crypto venture. Trump’s sons further distanced themselves from the memecoin, focusing instead on their Ethereum-based DeFi project, World Liberty Financial, adding another layer of uncertainty.
IPO Fever: Circle’s Meteoric Debut
Amidst the chaos, Circle (CRCL) made a spectacular entrance in the stock market, closing at $83, a staggering 167% jump from its IPO price of $31. This surge is reminiscent of Coinbase’s 2021 debut, raising questions about long-term stability. The boost in Circle’s stock is set against a backdrop of increasing activity in the stablecoin market, with USDC’s trading volume up 22%.
Yet, the road ahead isn’t without hurdles. Circle’s staying power will be tested as investors weigh the enthusiasm around stablecoin infrastructure against potential real-world applications. As the euphoria of the IPO subsides, the focus shifts to whether Circle can maintain momentum amidst the fluctuating crypto landscape.
Looking Ahead
As the crypto world buzzes with speculation and excitement, the question remains: can Bitcoin sustain its upward trajectory amid geopolitical tensions and market volatility? With corporate treasuries doubling down and institutional players showing renewed interest, the groundwork for a bullish year-end is being laid. Still, the unpredictability inherent in the crypto markets means nothing is set in stone. As we move further into 2025, investors and analysts alike will be watching closely to see if Bitcoin can indeed hit that $120K milestone—or if unexpected twists will alter its course. For further insights into market optimism, see Bitcoin Jumps Above $97K as Traders Optimistic U.S.-China Trade Deal Possible.
Source
This article is based on: Asia Morning Briefing: Bitcoin Bulls Eye $120K Despite Trump-Musk Turmoil
Further Reading
Deepen your understanding with these related articles:
- Bitcoin Surges Past $94,000 as Institutional Interest and Market Optimism Grow
- Bitcoin Traders Brace for ‘Sell in May and Go Away’ as Seasonality Favors Bears
- Bitcoin eyes gains as macro data makes US recession 2025 ‘base case’
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
