Main Points：
- Turning Point in Sight: Amid a sharp decline in response to Trump’s tariff plan details, Bitcoin has fallen close to $80,000. Analysts believe this may mark a turning point where market uncertainty gives way to renewed interest in Bitcoin as a store of value.
- Mixed Analyst Views: While LMAX’s Joel Kruger sees increasing attraction for Bitcoin as a safe-haven asset amid uncertainty, JP Morgan maintains that gold will continue to outperform.
- Recent Price Dynamics: Since Trump’s detailed tariff announcement on April 2, Bitcoin fell over 5%, yet remains well above its year-to-date low of $75,000 – indicating that the “high low” is holding.
- Market Correlations: Despite the downward pressure, some investors view Bitcoin’s volatility as a potential hedge against the dollar’s fluctuations, although others note that digital assets still show a strong correlation with risk markets.
- Gold as a Safe Haven: JP Morgan’s team underscores that gold continues to serve as a better safe haven, with its production cost estimated at $62,000 per Bitcoin-equivalent, while gold nears an all-time high.
1. A Potential Turning Point Amid Tariff Concerns
Following the detailed announcement of Trump’s tariff plan, Bitcoin has slipped close to $80,000. Although the decline highlights Bitcoin’s strong correlation with traditional risk markets, many investors are starting to focus on its intrinsic value as a store of wealth. According to Joel Kruger of LMAX, this moment might well represent a turning point where market participants begin to see Bitcoin as an attractive asset for preserving value.
2. Divergent Views on Bitcoin’s Role as a Safe Haven
While some analysts, like those at LMAX, feel that Bitcoin’s current pricing above its year-to-date low suggests a potential recovery, others remain skeptical. Javier Rodriguez Alarcon, Chief Commercial Officer at XBTO, argues that despite its reputation as a hedge against dollar volatility, Bitcoin still maintains a strong correlation with broader risk assets. Meanwhile, JP Morgan’s team, led by Nikolaos Panigirtzoglou, points out that gold remains the preferred safe-haven asset, especially as gold nears its historic highs.
3. Recent Price Dynamics and Technical Levels
Bitcoin’s price currently remains above its year-to-date low (often referred to as the “high low”) of approximately $75,000. However, since Trump’s tariff announcement on April 2, Bitcoin has experienced over a 5% decline. This drop has re-emphasized key support levels and brought the potential turning point into sharper focus.
4. Market Sentiment and Future Outlook
Despite the recent sell-off, many market participants are in a “wait-and-see” mode amid the uncertainty. Analysts suggest that if Bitcoin holds above its current support levels, its role as a store of value could drive a recovery. Yet, external factors like tariff policies continue to cloud the outlook, making the coming days crucial for establishing whether this downturn is a temporary correction or the start of a broader trend.
5. Conclusion
While Bitcoin has fallen close to $80,000 amid global market turbulence triggered by Trump’s tariff announcement, there are signs that this may be a turning point. The prevailing sentiment suggests that, despite short-term volatility, Bitcoin’s fundamental appeal as a store of value remains intact. However, as divergent views exist—some favoring Bitcoin and others gold as a safer asset—investors should closely monitor upcoming economic and policy developments to determine whether a sustained recovery can be expected.
