Bitget Analyst Predicts Bitcoin Could Reach $120,000 Amid Trump’s $3.3 Trillion Tax Bill Impact
Bitcoin's recent surge past $110,000 has been linked to President Trump's $3.3 trillion tax reform package, the 'One Big Beautiful Bill Act' (OBBBA), signed on July 4. Analysts, including Bitget Research Chief Analyst Ryan Lee, suggest that the legislation, which could expand the federal deficit by up to $4 trillion, creates favorable macroeconomic conditions for Bitcoin's continued appreciation. With strong tailwinds propelling the cryptocurrency, some experts now project Bitcoin could reach $120,000 by the end of July. This development highlights the growing intersection between fiscal policy and digital asset markets, as investors increasingly view Bitcoin as a hedge against macroeconomic uncertainty.
Trump's $3.3 Trillion Tax Bill Could Propel Bitcoin to $120,000 by July End
Bitcoin briefly surged past $110,000 last week, fueled by strong macroeconomic tailwinds. Analysts attribute the rally to President Trump's 'One Big Beautiful Bill Act' (OBBBA), a $3.3 trillion tax reform package signed on July 4. The legislation could expand the federal deficit by up to $4 trillion, creating favorable conditions for Bitcoin's price appreciation.
Bitget Research Chief Analyst Ryan Lee identifies the bill as a key catalyst, citing potential increases in money supply, record-breaking equity markets, and expansive fiscal policy. bitcoin currently consolidates above $108,000, with trading volumes subdued amid retail investor caution and uncertainty over new US tariffs effective August 1.
Market observers now watch for OBBBA's inflationary effects, which could drive Bitcoin to $120,000 by month's end. The cryptocurrency's resilience at all-time highs contrasts with muted trading activity, suggesting institutional rather than retail demand fuels the current rally.
Bitget Partners With UNTOLD Festival to Bring Web3 to Global Music Stage
Bitget, a leading cryptocurrency exchange, has secured a headline partnership with UNTOLD Festival, one of the world's top three music festivals. The collaboration positions Bitget as the exclusive Web3 sponsor for UNTOLD X in August and UNTOLD Dubai later this year, reaching over 400,000 attendees.
The MOVE marks Bitget's aggressive push into music and youth culture following high-profile sports partnerships with LALIGA and MotoGP. 'We've partnered with athletes, champions, and now rockstars,' a Bitget spokesperson said, emphasizing the platform's alignment with next-generation culture.
UNTOLD Festival, ranked #3 in DJ Mag's Top 100 Festivals, features major artists including Imagine Dragons and Lenny Kravitz. The partnership demonstrates Web3's growing intersection with mainstream entertainment as Bitget seeks to embed crypto in pop culture experiences.