Bitcoin surged overnight amid anticipation of a positive announcement expected from U.S. President Donald Trump on Thursday, pushing the top cryptocurrency's prices near $100,000.
Trump announced late Wednesday that his government will make a big announcement regarding a specific country involving a "major trade deal."
$BTC Nears $100K After Weeks of Struggle
Following Trump's hint on his Truth Social account, Bitcoin went from trading below $96,000 earlier in the day to $99,000.
The last time BTC traded above $100,000 was in February, before Trump's trade war started to have significant impacts across financial markets.
Despite the months-long wait for BTC prices to climb to $100,000, the world's most valuable crypto asset is now challenging the target price range and may finally go on to hit its all-time high above $108,000 once Trump announces his big news.
Bitcoiners Expect $BTC Highs on News
On social media platform X, Bitcoiners believe Trump's announcement will have a positive impact on the digital asset's price.
Rising BTC advocate Brian Brookshire said if the trade deal news "lives up to its hype," Bitcoin has a good chance of smashing its previous all-time high.
One BTC holder projected that if the trade deal is a "nothing burger," BTC prices may plunge only to come back "ripping during the weekend."
Another user said Bitcoin's price action ahead of the big announcement is a show of "resilience above critical psychological level," adding that it appears institutional interest in the digital coin may be "amplifying momentum."
Bitcoin Momentum Builds Over the Past Days
While Trump's news may be driving momentum for Bitcoin prices, the crypto token has been at center of positive developments in recent days, which could have also affected the price action.
Over the weekend, CIA Deputy Director Michael Ellis hinted in a podcast that the federal agency was using BTC as a "tool" to disrupt the criminal and illegal activities of adversaries such as China.
Also, New Hampshire Gov. Kelly Ayotte signed a strategic Bitcoin reserve bill into law, making New Hampshire the first U.S. state to allow for some public funds to be allocated to BTC investments.
It remains to be seen whether Trump's big news will trigger a skyrocketing motion for Bitcoin prices. But, based on its current action, there is a possibility it can climb to its previous all-time highs.
Originally published on IBTimes
