Bitcoin’s Dramatic Plunge: A $70K Comedy of Terrors?

Oh, the sheer delight of financial speculation! Analysts, with their crystal balls clouded by the fog of a US-led trade war, suggest Bitcoin might just take a leap back to the good old days of $70,000. 😱

Timothy Peterson, a network economist with a flair for the dramatic, took to X to paint a picture so vivid, it might as well be a Turner: Bitcoin, tumbling back to its2021 glory days. Quite the nostalgic trip, wouldn’t you say?

$70,000: Bitcoin’s “Practical Bottom” or a Trip Down Memory Lane?

As the US trade tariffs cast their shadow, Bitcoin price forecasts have taken a turn for the grim. Peterson, with a hint of nostalgia, muses, “Bitcoin to $70k in10 days?” 🤔

He presents a chart, not a crystal ball, mind you, but a comparison of Bitcoin’s bear markets, sprinkled with his Lowest Price Forward (LPF) metric. “Not a prediction,” he insists, “but a data-driven expectation.” A gentleman and a scholar, indeed.

“Should it follow the75th percentile bear market range, $70k would be our practical bottom.”

Peterson’s theory, backed by the LPF data, suggests BTC/USD has a95% chance of maintaining its2021 highs. A comforting thought, unless you’re prone to financial vertigo.

As April unfolds, Peterson reveals a market in flux, flipping from a75% chance of a positive month to a75% chance of a negative one in just two days. The market, it seems, is as fickle as the English weather. ☔️➡️🌞

Is Bitcoin’s Price Action the Prelude to a Finale?

Glassnode, the onchain analytics firm, notes a surge in demand for downside protection, with traders scrambling for cover like Londoners during a sudden downpour. “Puts are trading at a premium to calls,” they report, signaling a spike in demand for safety nets.

Despite the palpable panic, Bitcoin hasn’t capitulated like equities. Glassnode muses, “Skew like this usually appears when fear runs high. TLDR: panic is elevated, but price is holding. That’s often what a bottom looks like.” A bottom, or perhaps just the calm before the storm? 🌪️

“Panic is elevated, but price is holding. That’s often what a bottom looks like.”

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2025-04-04 19:11