Why Is Bitcoin Price Suddenly Crashing Today?
Highlights
- Bitcoin price dipped to a four-month low of $74,000.
- If this downtrend continues, BTC could plummet to $70k.
- This negative trend could be attributed to Trump's tariff announcement.
The Bitcoin price plummeted to a four-month low of $74k, defying expert predictions. Joining the broader trend of the global financial market, Bitcoin and other cryptocurrencies dipped, capping off an “ugly” Monday.
In tandem with the equities market downtrend, BTC took a sharp dive, hitting severe lows. This major market downturn could be attributed to US President Donald Trump’s tariff announcements.
Let’s take a closer look at Bitcoin’s current trend and its future journey.
What Happens to Bitcoin Price?
In a shocking turn of events, the Bitcoin price has seen a significant downtrend, kicking off the week on a disastrous note. Analyst Michael van de Poppe addresses today as a “Black Monday” in response to the market’s steep fall.
The analyst noted that it’s hard to judge how deep the market will go in times of panic. He added that several key developments are on the horizon that could determine the market’s future track.
However, van de Poppe believes that the Bitcoin price’s rollercoaster ride will continue for the next two weeks. He noted, “I think we’ll see a rollercoaster 1-2 weeks in which we’re having a test of the lows for Bitcoin.”
Global Financial Market Tumbles: What’s Next?
Triggered by Donald Trump’s tariff announcement, the stock market saw a massive decline, marking its largest fall since 2020. Experts predicted that the Bitcoin price would remain resilient to the industry-wide slump despite its strong correlation with the stock market.
Notably, the Chinese stock market fell on Monday with Hong Kong’s Hang Seng index slumped more than 10% in morning trade, marking the largest daily fall since the 2008 global financial crisis. Aligning with this major shift, the Bitcoin price dipped to massive lows, contrasting expert predictions.
A Severe Downtrend Ahead- What Awaits Bitcoin Price?
As highlighted by Michael van de Poppe, the Bitcoin price could dip to $70k if its downtrend continues. As of now, Bitcoin is trading at $76,832, down 7.36% in a day. Over the past seven days, the crypto has seen a decline of 6.5% while marking a 10.8% plummet in a month.
Analyst MMCrypto predicted that Bitcoin is heading towards more steep declines. Considering the unpredictability of the crypto market, it needs to be seen if the Bitcoin price would further slip or make a bullish reversal.
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