Bitcoin (BTC) experienced heightened volatility as it approached the weekly close on April 6, with anxieties over a potential stock market crash clashing against optimistic BTC price predictions. Data revealed a drop in the BTC/USD pairing below $80,000 for the day, marking a 3% decrease since the week’s onset. The intervening days were marked by rapid fluctuations as US trade tariffs and recession fears triggered substantial losses across risk assets. In particular, US stocks faced considerable declines, with the S&P 500 and Nasdaq Composite Index both closing down nearly 6% on April 4.
One financial commentator noted that the recent tariff announcement had resulted in a staggering $8.2 trillion loss in stock market value, surpassing the losses recorded during the most severe week of the 2008 financial crisis. This unsettling close prompted speculation about the forthcoming week’s market opening, with discussions reminiscent of the “Black Monday” crash of 1987 emerging on social media.
A prominent host expressed concerns over the difficulty of establishing a new global order amid such turmoil, acknowledging that the situation might still lead to scenarios akin to the October 1987 crash. He had previously cautioned on air about the possibility of a similar event occurring but later mentioned that market circuit breakers could help mitigate the situation.
In the Bitcoin community, some were making bold predictions about market movements in the near term. A well-known Bitcoin advocate boldly suggested that BTC/USD could soar to $220,000 by the end of the month, particularly if a major crash were to occur, as wealth would flock to Bitcoin as a safe haven.
Amid divergent sentiments among traders regarding Bitcoin and stocks, many were optimistic, arguing that recent price resilience might foreshadow upward momentum for BTC in the coming days. Some traders noted that although a further dip might happen first, there appeared to be an impending final push in this cycle.
Others anticipated that the recent lows around $76,000 for BTC/USD might be perceived as a false breakdown. One trader speculated that a weekly reclaim of $92,000 would be necessary to confirm a positive trend.
This overview contains no investment advice or recommendations. All investments and trading activities carry risk, and individuals should perform their own due diligence before making any decisions.