Donald Trump's Hinted at a “Big Announcement” on May 8 at 10 AM ET, Which Catalyze Bitcoin (BTC) Price Rally to Nearly $100k

Donald Trump’s hinted at a “big announcement” on May 8 at 10 AM ET, which catalyze Bitcoin (BTC) price rally to nearly $100k.

The price of Bitcoin (BTC) has risen to nearly $100,000 following former President Donald Trump’s hint at a “big announcement” on May 8 at 10 AM ET.

Also Read: Bitcoin Surpasses $99K As Massive Spot Bitcoin ETF Flows Push BTC Price Up 1.38%

According to the former president’s post on Truth Social on Sunday, he would be holding a news conference to announce a major trade deal with a “big and highly respected country.”

“Big news conference tomorrow, 10 am EST in the Oval Office. We will be making a very major Trade Deal with a big and highly respected country. Everyone is invited!” Trump said.

The comment has since catalyze a rally in Bitcoin price today, as well as cause Ethereum price to shoot up 6%, which is also seen across other altcoins.

Why Is Bitcoin Price Up Today?

As of 7 AM, Monday, May 8, Bitcoin price trades at $99,251.0. In the past 24 hours, BTC is up 2.56% with a daily high of $99,401.0.

As noted above, Donald Trump said.

“Big news conference tomorrow, 10 am EST in the Oval Office.”

Trump also added that this would be regarding a major trade deal with a “big and highly respected country.”

Despite Trump’s trade war and building macroeconomic pressure, the BTC trades at $99,251.0 after bouncing 1.38% in the early Asian session. The optimism can be attributed to massive spot Bitcoin ETF inflows that have crossed the $3 billion mark in the past two weeks.

Will BTC Hit $100k Today?

Bitcoin price exploded from $95.7k to $99.4k in just eight hours, but is currently undergoing correction and is down 0.65% from the local top. May in the crypto community believe this sudden rally could be market front-running the announcement, which may cause a sell-the-news event.

Loma, a well-known crypto influencer, said,

“common sense traders, like me, mostly sidelined and in shambles.”

The analyst went on to suggest that Trump was “blatantly manipulating the markets higher.”

As for BTC price, revisiting the $100k psychological level is uncertain. While volatility from the news may lead to a brief retest of $100,000, buyers must defend and retain this level for a sustained uptrend. Until Trump’s announcement, Bitcoin price predictions are neither bullish nor bearish.

Frequently Asked Questions (FAQs)

1. What triggered Bitcoin's recent price rally?

2. Will Bitcoin hit $100,000 today?

3. What is driving the optimism in the crypto market?