Bitcoin (BTC) faced a significant price correction on Monday, Feb. 3, 2025. The asset fell below $93,000. BTC made a recovery in the early hours of Tuesday, Feb. 4, 2025. The asset briefly reclaimed the $100,000 but has since fallen to the $98,000 level.
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Why Is Bitcoin Surging Today?
BTC faced a correction on Monday following President Trump’s tariffs on Canada and Mexico. Investor sentiment took a massive hit. The cryptocurrency market faced substantial liquidations as a result of the tariffs.
BTC recovered on Tuesday after President Trump paused tariffs for 30 days. The crypto market could make a recovery if the taxed countries can deliver on President Trump’s demands.
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Will The Original Cryptocurrency Hit A New All-Time High?
According to CoinCodex, Bitcoin (BTC) will surpass its all-time high later this week. The platform anticipates the asset to continue rallying over the coming months. CoinCodex predicts BTC to hit a new peak of $159,923 on May 5, 2025. Hitting $159,923 from current price levels will entail a rally of about 61.99%.
Changelly also presents a bullish outlook for Bitcoin (BTC). The platform anticipates the asset to hit a new all-time high in February. According to Changelly BTC could hit a potential maximum price of $113,811.27 this month. The platform predicts BTC to hit $114,124.99 in May. Hitting $114,124.99 from current price levels will translate to a rally of about 15.6%.
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There is also a possibility that BTC will face another correction. If the Trump administration brings back its tariffs, the cryptocurrency market may dip once again. How things unfold over the next few weeks is yet to be seen.