Crypto analyst James Van Straten suggested that historical parallels with the U.S. spot exchange-traded fund (ETF) launch and August’s yen carry trade indicated a potential for renewed bullish momentum for Bitcoin. Straten also noted that the digital asset may have bottomed after its 30% drop from all-time highs.

Bitcoin is currently exchanging hands at $84,700 at the time of publication, a 3.77 drop in the past seven days. Expected Trump tariffs on Wednesday could disrupt the trend, according to analyst Straten.

Bitcoin bottoms after its 30% fall from all-time highs

Bitcoin has bottomed, hope that helps

— James Van Straten (@btcjvs) April 2, 2025

According to cryptocurrency analyst James Van Straten, Bitcoin’s recent price action suggests that it may have found its bottom just above $76,000 on March 10. The current move of digital currency has also formed a pattern reminiscent of previous bottoming events in recent history.

A similar pattern occurred during the August 2025 yen carry trade unwind after Bitcoin bottomed near $49,000 on August 5. The digital asset also formed higher lows on either side—on July 7 and September 7.

A similar occurrence happened during the U.S. spot BTC ETFs launch in January 2024. The virtual asset encountered a 20% correction, hitting a low just below $40,000 on January 23. It also recorded higher lows on both sides of that date.

BTC plummeted 30% from its all-time high of $109,000 reached during President Trump’s inauguration day on January 20. The asset also hit a low on March 10 and recorded higher lows around $78,000 on February 28 and another just above $81,000 on March 31, forming a triangular bottom.

New U.S. trade tariffs are also set to begin on April 2, and Bitcoin remains highly sensitive to tariff news. Trump is giving mixed messages as to which measures will ultimately come into force. Daan Crypto Trades maintained that the event had been looked at for the past couple of weeks and caused much uncertainty.

“The latest pattern, indicating a shift from lower lows to higher lows and signifying seller exhaustion, resembles bottoming patterns seen in August and early 2024. 

-Omkar Godbole, Financial Market Analyst.

The analyst also believes renewed bullish momentum is possible since external risks like Trump’s tariffs could disrupt the trend.

Trading resource The Kobeissi Letter highlighted that tariffs may impact about $1.5 trillion worth of U.S. imports by the end of the month. It also wrote that Trump’s April 2 ‘Liberation Day’ will be the biggest escalation of the trade war and that “markets are in for a wild week.”

Bitcoin ends a negative Q1 amid Trump’s expected tariffs 

CoinGlass analytics showed that Bitcoin dropped by 11.82% in Q1 of 2025, which marked its worst first quarter of the year since 2018. Conditions have worsened for BTC holders after it dropped 30% from its January peak and was also outperformed by gold as a safe-haven bet.

The digital asset’s bull market correction remained fairly standard from a historical perspective, as indicated by Glassnode. The analytics platform showed that BTC’s maximum drawdown in previous bull markets passed 60%. The firm also acknowledged in February that “this cycle continues to be the least volatile of all.”

Trader Daan Crypto Trades argued that the digital asset has weathered the macroeconomic storm fairly well despite the frustrating lack of further price upside. He referred to the CoinGlass figures and said that the “overall quarter not horrible.”

Daan also noted that the total altcoin market capitalization was sitting at a key area where the election pump breakout happened. He argued that BTC’s current price level “seems like a decent place where some demand is coming in.”

The Coinbase Premium was slow last quarter as episodes of panic selling characterized recent market behaviour. The metric’s resilience to recent price pressure caught the eye of CryptoQuant contributor Crypto Sunmoon, who acknowledged that “panic selling is decreasing.”

A positive reading on the index indicates increasing U.S. investor confidence in adding BTC exposure, which is usually a key ingredient in sustainable Bitcoin bull markets. Sunmoon suspects a “possible trend reversal” due to the metric’s resistance to the downside amid falling prices.

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