- Bitcoin has fallen below $75,000.
- Bettors are skeptical about the cryptocurrency’s chances of a rebound this week.
What is the likelihood of Bitcoin recovering after dropping below $75,000?
Bettors on Polymarket are not very hopeful. They estimate a 56% chance that Bitcoin will remain under $78,000 by April 11.
“It’s probable that prices will decline further,” said Carlos Guzman, an analyst at the crypto-trading firm GSR, in an interview with DL News. “There are no visible upcoming positive factors for cryptocurrency that could lead to a separation from the grim macroeconomic climate.”
As of now, Bitcoin is trading just above $76,700, having dipped below $75,000 earlier on Monday. The cryptocurrency has seen a 7.3% decline in the last 24 hours.
Since Trump took office on January 20, Bitcoin has plunged approximately 30%, according to data from CoinGecko.
This bearish sentiment coincides with US President Donald Trump’s trade war, leading analysts to label today as “Orange Monday” in a nod to the president’s signature appearance.
Global stock markets have reacted negatively after Trump announced extensive tariffs on a range of countries, including competitors like China and close partners such as Canada — even extending to some island territories.
Despite this turmoil, Trump’s administration has remained resolute. On Sunday, Commerce Secretary Howard Lutnick informed CBS News that the White House will proceed with the planned tariffs on April 9.
Trump himself spent part of Sunday sharing a video of his golfing activities.
His tariffs have resulted in a $246 billion hit to the overall value of cryptocurrency markets.
“Cryptocurrency markets are currently experiencing extreme fear,” stated Petr Kozyakov, co-founder and CEO of Mercuryo, in an interview with DL News.
“Trump’s tariffs pose a genuine risk of inducing a global recession, and anticipating his next move seems nearly impossible.”
Concerns of Recession
The tariffs have also significantly heightened fears of a US recession on Polymarket, with bettors estimating a 65% probability of a market contraction occurring in 2025, up from under 40% just a few days ago.
Analysts from JPMorgan believe President Trump’s newly established tariffs could raise inflation by 1.5%, potentially pushing the economy into a recession, which is characterized by two consecutive quarters of negative GDP growth.
“This alone could push the economy dangerously close to a recession,” they cautioned.
Trump attempted to downplay these concerns on Sunday, stating, “I don’t want anything to decline. But sometimes, taking the necessary steps is needed to rectify the situation.”
Eric Johansson is the News Editor at DL News. Have a tip? Email eric@dlnews.com.
