Bitcoin Price Prediction – BTC Eyes $120K as Use Case as Digital Gold Solidifies

Highlights:

• Bitcoin is in a rebound after the weekend correction  
• Bitcoin rebound comes despite tariff talk, reintroducing macroeconomic uncertainty
• Rising confidence in Bitcoin could push the price to $120k in the short term

Bitcoin has made a strong comeback today after a correction over the weekend. At the time of going to press, Bitcoin was trading at $109,858, up by 2.61%. Bitcoin trading volumes are also on the rise, up 6.21% to a high of $48.45 billion in the day. Bitcoin’s rising price and increasing volumes indicate that bullish sentiment is on the rise for Bitcoin. However, the most significant indicator of the prevailing sentiment for Bitcoin is its price action between Friday last week and its strong open today. 

Bitcoin Price Rebounds Despite Rising Macroeconomic Uncertainty

On Friday, Bitcoin moved toward the stock markets with a price correction. This was after US President Donald Trump posted on his social media that the US could introduce up to 50% tariffs on all EU products starting June 1. This announcement rattled the markets when they tried to price all the uncertainty that began in April.

However, Bitcoin seems to have found its footing quite fast. This can mean that investors increasingly believe Bitcoin is a reliable store of value in a highly uncertain market. It’s an indicator that Bitcoin is increasingly being accepted as digital gold. With uncertainty likely to remain the norm through the next 4 years, Bitcoin’s price action today could hint at how it could trade through the Trump presidency.

Deja vu?

Trump just announced a 50% tariff on European Union starting June 1st

He also threatened Apple with a 25% tariff on the iPhone if it’s not made in the U.S.

Remember when we had a free market? That was fun

Does he realize not everything can be produced in the U.S.?… pic.twitter.com/IHrDqiihkq

— Lia👸🏼 (@Liathetrader) May 23, 2025

Corporates Increasingly Adopting Bitcoin

Besides holding up well in the face of uncertainty, Bitcoin could continue to get support from corporations’ rising adoption of it. Since Strategy, under the leadership of Michael Saylor, started buying Bitcoin, many other companies have joined it. The latest to add Bitcoin to its balance sheet is DDC Enterprises, a Hong Kong-based company.

The company announced that it had bought 21 Bitcoins and was looking to buy 5k over the next three years. Given that Bitcoin’s supply is fixed, corporate adoption could play a role in sending its price to new highs. It may also explain why Bitcoin is increasingly weathering market uncertainty better than at any other point in its journey.

DDC Enterprise made its first #Bitcoin purchase, acquiring 21 #BTC for $2.28M and plans to buy 5,000 BTC over three years. Meanwhile, Pakistan allocates surplus power for Bitcoin mining.#XPoster #AI pic.twitter.com/csZs1Wh4Iy

— Marco Cavallo (@artcava) May 26, 2025

Countries Find Bitcoin Use Case In Managing Excess Power

More countries are taking a pro-Bitcoin stance, an indicator of the rising position of Bitcoin in the global financial system. The latest country to make a Bitcoin move is Pakistan. The country has announced that it has set aside 2000 megawatts of its power supply for Bitcoin mining. The country is making this move as part of a broader strategy to monetize the country’s excess power supply.

Other countries facing the same problem as Pakistan could follow in its lead, further entrenching the decentralized nature of the Bitcoin supply. It adds to the bullish case for Bitcoin despite all the uncertainties prevailing in the current global economy.

Pakistan 🇵🇰 sets up authority to license BTC firms and boost mining with surplus energy.

This is massive 👏 pic.twitter.com/dTKzRMTsUO

— Inspired Analyst (@inspirdanalyst) May 21, 2025

Technical Analysis – Bitcoin Price Remains Strongly Bullish

Bitcoin is currently in its third week of gains after breaching the $104,147 resistance. At this point, Bitcoin does not have any major resistance level and could continue to make new all-time highs in the future. The key level to watch is $120k, which, if broken, could pave the way for a rally to $200k in the short term.

However, if bulls fail, Bitcoin could retest $104,147, which is now a key support level. A breach of $104,147 could see Bitcoin test prices below $100k. Of these two scenarios, Bitcoin is likely to be headed higher, driven by its growing perception as digital gold.