As global markets are rocked by a new wave of US tariffs, sentiment towards Bitcoin has also turned bearish, with both investors and analysts warning of further declines.
According to estimates on Polymarket, investors believe there is a 56% chance that Bitcoin will trade below $78,000 on April 11, following a sharp decline that saw the largest cryptocurrency fall below $75,000.
“We’re probably going to go lower from here,” said Carlos Guzman, an analyst at crypto trading firm GSR. “There’s no near-term positive catalyst for crypto that would justify a decoupling from the macro situation.”
Bitcoin’s plunge comes as U.S. President Donald Trump’s aggressive trade war has shaken global markets. Today’s chaos, dubbed “Orange Monday” in reference to Trump’s distinctive skin tone, came after he announced sweeping tariffs targeting major economic rivals like China, close allies like Canada and even two remote penguin islands.
Related News: Stern Warnings from Wall Street CEOs About the US Economy Keep Coming: Now JPMorgan CEO Warns
The White House remains firm. Commerce Secretary Howard Lutnick confirmed to CBS News on Sunday that the administration has no intention of delaying the tariffs, which are set to go into effect on April 9.
“Cryptocurrency markets have entered extreme fear mode,” said Petr Kozyakov, co-founder and CEO of crypto payments firm Mercuryo. “Trump’s tariff regime has created a real and immediate danger of a global recession, and it seems impossible to second-guess his next move.”
*This is not investment advice.
Continue Reading: Where Will Bitcoin Price Head in the Coming Days After the Decline? Analysts Predicted
