Bitcoin to $120,000 in June? Why investors expect a massive bull run this summer

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Get ready for another Bitcoin record — investors expect the top cryptocurrency to rally to an all-time high as early as next month.

Bitcoin could probably hit $120,000 by the first week of June, Utkarsh Ahuja, managing partner at Moon Pursuit Capital, a hedge fund and venture capital firm, told me.

He’s not alone.

Standard Chartered’s top crypto analyst also predicts Bitcoin will hit $120,000 by the end of this quarter, before surging to $200,000 by the end of the year.

Options data on basedmoney.io similarly shows that two out of five trades that expire on June 27 only pay out if the price is above $120,000.

That’s quite the sharp turnaround from just a few weeks ago when fears over US President Donald Trump’s trade war pushed Bitcoin’s price down to $74,000.

What’s changed?

Firstly, trade tensions between the US and China have thawed, although no deal has been signed so far.

Experts don’t expect Washington and Beijing negotiations to yield a deal this side of 2026, which means US levies on Chinese products will likely stay at 30%, according to a Bloomberg survey.

Still, the fact that trade negotiations are proceeding is a cause for optimism.

And Trump’s support to the crypto industry hasn’t gone away — although some lament his memecoin forays are “bad for the industry.”

Sure, his first 100 days came and went without meaningful crypto regulation, and didn’t yield any significant uptick in crypto prices, JPMorgan noted this week.

But his support has seen him appoint industry backers to key government roles, while the Securities and Exchange Commission halted cases against crypto companies and Republicans are trying to pass several crypto bills.

Moreover, the Federal Reserve is widely expected to cut interest rates at some point this year, further incentivising investors to bet on riskier assets like cryptocurrencies.

“We’re going gangbusters,” Ahuja said.

Trump memecoin holders prep for private dinner reward: ‘I’ll wear a suit’

Trump’s memecoin actually does have utility, at least for the 220 biggest holders of the token who won a seat at his upcoming gala dinner. As the event approaches, Liam Kelly found out who got a ticket.

Firm that spent $2m stockpiling Trump memecoins has yet to snag invite to president’s gala

Freight Technologies bought $2 million of Trump’s memecoin, but didn’t get an invite to his gala. “The company does not feel snubbed at all,” a spokesperson told me and Andrew Flanagan. The firm still might get exactly what it wanted.

Why stockpiling Solana just became a hot move for Michael Saylor copycats

Michael Saylor’s love of Bitcoin has spawned numerous copycats.

But three companies have put a fresh twist on his approach — instead of acquiring Bitcoin they are devoting their balance sheets to SOL, the cryptocurrency issued by Solana.

Post of the week

Brian Armstrong has had a mixed week. First, the CEO celebrated the Coinbase’s upcoming inclusion on the prestigious S&P 500 list.

Then he had to fess up to having fallen victim to cyber criminals who stole private information on Coinbase’s customers and demanded a $20 million ransom.

His response? To put a bounty on the criminals.