Former BitMEX CEO Arthur Hayes, for one, commented on the latest market turmoil and cautioned Bitcoin traders about potential volatility in the coming weeks.
In a post on X, Hayes stated,
“Market no likey ‘Liberation Day.’ If $BTC can hold $76.5k btw now and US tax day Apr 15, then we are out of the woods. Don’t get chopped up!”
Bitcoin’s Recovery Not Yet Confirmed
His comments come as Bitcoin’s price dropped toward $82,000 while gold surged past $3,150, reacting to heightened global uncertainty following US President Donald Trump’s sweeping tariff announcements.
The Trump administration imposed a 10% tariff on all countries starting April 5, with steeper rates for major economies such as China (34%), the European Union (20%), and Japan (24%). The move, announced during an April 2 speech in the Rose Garden, was accompanied by a national emergency declaration, which further rattled financial markets.
The crypto market initially reacted positively to the announcement. However, as the broader implications became clear, prices reversed sharply across the board. Bitcoin rallied to a high of $88,500 before retreating to a low of around $82,200. Meanwhile, Ethereum saw a sharper decline, as it fell from $1,934 to $1,797. During this time, the total crypto market cap dropped by over 5% to $2.7 trillion.
The price action, so far, aligns with Glassnode’s analysis which revealed that Bitcoin is starting to show signs of near-term seller exhaustion, but a renewal of sustained bullish momentum, is yet to transpire.
The blockchain intelligence form explained that after reaching its $109K peak in January, BTC continues to “digest” the correction, with growing evidence of investor losses being realized. Despite price stabilization within the $76K-$80K demand zone, on-chain momentum indicators suggest that these recoveries could be short-lived and part of a larger downtrend rather than a true market reversal.
Avoiding Extended Turbulence
Hayes’ latest remarks suggest that Bitcoin’s ability to maintain key support levels until April 15, the US tax deadline, could determine whether the crypto market stabilizes or faces extended turbulence.
Interestingly, Hayes recently predicted that Bitcoin could surpass $250,000 by year-end, while citing expanding fiat supply as the key driver. He also said that he anticipates a strong 2025 rally if the US Federal Reserve shifts to quantitative easing (QE), injecting liquidity into the economy.
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