Bitcoin could be gearing up for a monumental rally toward the $120,000 mark, following a major legal decision that may reshape the macroeconomic landscape. According to Pav Hundal, lead analyst at Australian crypto exchange Swyftx, the recent U.S. court ruling against former President Donald Trump’s tariffs could serve as a significant tailwind for Bitcoin and broader crypto markets.
“This ruling was a game-changer—an epic mic drop,” Hundal told Cointelegraph. “It’s sparked a wave of optimism in the markets and could serve as the catalyst for Bitcoin to break new ground.”
On May 28, the U.S. Court of International Trade struck down the bulk of the tariffs imposed under Trump’s administration, stating that the former president overstepped his legal bounds in doing so. The ruling has cast uncertainty over U.S. trade policy, but it’s also unlocked a renewed appetite for risk assets, Bitcoin chief among them.
Trade Ruling Triggers Market Repositioning
While the Trump camp has already filed an appeal, the market appears to have made up its mind. Hundal suggests that the broader sentiment has shifted in favor of Bitcoin, and that we’re likely to see a significant repositioning of capital—away from defensive assets and into crypto.
“Even if the appeal goes through or new justifications are introduced, the damage to trade negotiations is already done,” he said. “The ruling blows a massive hole in the global trade narrative, and that opens the door for risk-on trades—Bitcoin included.”
Bitcoin hit an all-time high of $111,970 on May 22, but has since slipped slightly, trading at around $107,750 at the time of writing, according to CoinMarketCap. That marks a 3.36% drop over the past seven days, though bulls remain unfazed.
“The pullback was expected after the run-up,” Hundal noted. “But the broader trend remains intact—and it’s higher.”
Institutional Money on the Move
One of the most compelling arguments for Bitcoin’s next leg up comes from institutional inflows. U.S.-based spot Bitcoin ETFs saw a staggering $2.75 billion in inflows during the week ending May 23, a signal that large investors are piling in ahead of what could be a breakout summer.
Hundal believes this wave of capital is just the beginning.
“We’re seeing money come in from all sides—corporates, retail investors, ETFs,” he said. “This is a wall of money. The court’s decision only accelerates that rotation into risk assets across the U.S. and Asia.”
And it’s not just Swyftx that sees a bright future ahead. Standard Chartered’s global head of digital assets, Geoff Kendrick, recently projected that Bitcoin could reach $120,000 by the first half of 2025, and potentially climb to $200,000 by the end of the year, driven in part by the expanding role of stablecoins in global finance.
Crypto Twitter Reacts
The decision hasn’t gone unnoticed among retail traders, either. Prominent crypto analyst Bitcoin Ranchy joked on social media, “So Trump tariffs are illegal? Does that mean we get green candles all around tomorrow?”
That sentiment echoes the prevailing mood in the market—a mix of relief, anticipation, and a bit of tongue-in-cheek humor. BitMEX co-founder Arthur Hayes chimed in with his usual flair, urging investors to “buy everything round dos.”
As the dust settles from the court ruling and markets adjust, one thing is becoming clear: Bitcoin’s momentum is far from over. With strong institutional backing, growing global interest, and a favorable macro backdrop, the $120K target may no longer be a matter of if, but when.
