US President Donald Trump’s son, Eric Trump, took to X and stated that it seems like a good time to enter Bitcoin (BTC). He additionally tagged World Liberty Monetary in his put up. World Liberty Monetary is a crypto agency personally backed by President Trump. Eric Trump had an analogous put up for Ethereum (ETH) on Tuesday.
Appears like a good time to enter #BTC! 🚀 @worldlibertyfi
— Eric Trump (@EricTrump) February 6, 2025
Bitcoin Reacting Positively To Eric Trump’s Put up
BTC’s value has risen 0.8% within the every day charts, reclaiming the $98,000 value stage. The asset appears to be reacting positively to Eric Trump’s X put up. Regardless of the slight restoration, BTC is down 6.6% within the weekly charts, 4% within the 14-day charts, and three.5% over the earlier month.
The cryptocurrency market confronted a significant correction earlier this week after the US imposed heavy tariffs on Canada and Mexico. Bitcoin (BTC) briefly fell under $93,000. The market recovered after the US paused tariffs for 30 days.
BTC skilled one other correction earlier this month resulting from macroeconomic elements. The Federal Reserve has but to announce an rate of interest minimize, and the Fed’s hawkish financial coverage presents a big barrier to the crypto market.
New All-Time Excessive?
In response to CoinCodex, Bitcoin (BTC) will proceed to rally over the subsequent few months. The platform anticipates the asset will reclaim its earlier peak on Feb. 17, 2025. CoinCodex doesn’t anticipate BTC to cease simply there. The platform predicts the asset will hit a brand new all-time excessive of $158,900 on Could 6, 2025. Hitting $158,900 from present value ranges will entail a rally of about 61.7%.
There’s additionally a risk that Bitcoin (BTC) will face one other correction. The crypto market may undergo if the US brings again its tariffs towards Canada and Mexico. Macroeconomic elements may additionally current an impediment to the crypto market.
