Analyst: Bitcoin May Drop to the Fifty Thousand Dollar Range, Trump Policy Exacerbates Market Pressure

On April 1st, Quinn Thompson, the founder of the crypto hedge fund Lekker Capital, remarked, "I anticipate that by the end of this year, Bitcoin might regain a price exceeding fifty thousand dollars. I don't believe this will occur rapidly, which is why it will be highly painful and astonishing for people. Currently, the market conditions are not highly volatile, without significant large-scale liquidation and collapse." Thompson has always held a pessimistic view regarding Bitcoin reaching higher prices. He has repeatedly referred to the White House's cryptocurrency-related announcements, whether it be related to sovereign wealth funds, strategic Bitcoin reserves, or anything in between, as "hollow events" and "sell-the-news" activities. He also believes that MicroStrategy's continuous Bitcoin purchases may not necessarily be bullish for the cryptocurrency market as these seem to be the only substantial buy orders. Thompson's core contention is that the various policies of the Trump administration may have a detrimental impact on the economy in the next six to nine months. Thompson stated that considering the adverse impact of headwinds on risk assets such as US stocks and Bitcoin, the cryptocurrency industry is unlikely to perform well this year. He also mentioned that the White House does not seem overly concerned about the possibility of an economic downturn, which in itself is a strong signal. "Upon taking office, US Treasury Secretary Scott Bessent stated, 'We need to change course.' And changing course implies cutting off the forces that support the prices of these crazy assets. The direct consequence of their policies taking effect is the decline of US stocks," Thompson said. (CoinDesk)