Bitcoin to $70,000? Analysts convinced just as Wall Street mentions ‘recession’

The mood surrounding Bitcoin and the global stock markets has been particularly bearish for a few weeks now. According to crypto analysts, the support line of $70,000 could soon be tested. That would be the first time since early November 2024, but we are not there yet of course. Yesterday, Bitcoin did fall below $80,000 for the second time in a week. Meanwhile The Wall Street Journal had the dreaded word ‘recession’ on the front page. Not really something the new Republican administration wants to see of course.

Selloff

Tech stocks, Bitcoin, banks, everything seemed to be selling off the last few days. We are mainly interested in the price of Bitcoin of course, and more and more analysts seem to be bearish on the largest crypto as well.

https://twitter.com/PeterLBrandt/status/1898859219211997536

Living legend Peter Brandt, who has been discussing stock market charts for years, posted a chart before the market opened which he claims shows that Bitcoin has made a double top in recent months and that we are therefore on our way to test the support line of $70,000.

That is remarkable to say the least, since it would mean that all the gains since Donald Trump’s victory in November would have evaporated.

Recession

It was all the more striking that Donald Trump also admitted this past weekend that his reforms could cause ‘turbulence’ for the global economy in the ‘short term’, even though he did not want to use that dreaded word ‘recession’. Unfortunately for him, that was the word that many business newspapers put on their front pages on Monday.

https://twitter.com/DemocraticWins/status/1898743604245385379

This could very well become a very bloody week for crypto and stock markets.