The Wild Ride of Bitcoin: Will It Soar or Plummet? 🤔🚀

by

Ah, Bitcoin! That whimsical digital currency that just won’t quit, unlike your last New Year’s resolution. Over the past few days, while the stock market flailed about like a fish out of water thanks to trade wars, Bitcoin was busy flexing its muscles. The poor old stock indexes, like the S&P 500, the Dow, and the Nasdaq, were left in a proper pickle as China decided to retaliate against U.S. tariffs on Friday. As if that wasn’t thrilling enough, Bitcoin sauntered up to the tantalizing price of $84k, with trading volumes peaking at about $42 billion during the London session—no, that’s not a typo; I didn’t mean to suggest a weekend bake sale.

Recession Looms (Again)

And here we are again, staring down the barrel of another potential recession, as if the last one wasn’t memorable enough. The ongoing global trade squabble is expected to throw a wrench in international supply chains faster than you can say “supply chain issue.” According to JPMorgan Chase, our good old economic friends, we might just see the U.S. economy take a nosedive this year. Michael Feroli, the lead economist at JPMorgan, has declared that we’re heading for a wild -0.3 percent growth instead of the previously optimistic 1.3 percent. Who knew we could lose money so effectively?

Bitcoin Whales on the Hunt 🐋

Still, amidst all these misadventures, Bitcoin has claimed its crown as the go-to hedge against economic chaos. Gold, fortunately, remains exempt from the tariff tumult, while BTC struts around like the new digital gold at a disco party. Long-term whale investors—no, not the ones from your local aquarium—have been scooping up BTC like it’s the last chocolate muffin on the buffet table. According to the delightful number crunchers at Intotheblock, large transactions have ballooned by a jaw-dropping $136 billion in just a week!

Meanwhile, the supply of BTC on centralized exchanges has dwindled like my patience in a traffic jam, dropping from 2.22 million to about 2.19 million by April 5. One wonders where all that Bitcoin is disappearing to. Perhaps it’s vanished into the Bermuda Triangle of cryptocurrency? 🌊

What Next?

Read more$70 million in 24 hours: Can Ethereum crack $4,000 thanks to whales?

Now, let’s talk technicals—because who doesn’t love a good chart? Bitcoin’s price is at the peak of what can only be described as several weeks of correction and consolidation. Veteran trader Matthew Dixon suggests we might experience a major dip down to $70k. Grab your popcorn, folks!🍿

#BTC has been nothing short of resilient in the face of the tariff-induced, 3rd biggest points drop in history for the #DowJones.
BUT don’t be complacent as -ve risk is real, with the likelihood of a 3rd wave of 3rd wave down for $BTC next week possibly targeting low $BTC 70k area.

— Matthew Dixon – Veteran Financial Trader (@mdtrade) April 5, 2025

However, all is not lost! BTC has established a sturdy support level hovering around $80.5k, which could very well serve as the launching pad for an exhilarating rally towards $85.5k and even $92k. All aboard the Bitcoin rollercoaster! 🎢

Read More

2025-04-05 11:07