Bitcoin (BTC) is grappling with market uncertainty similar to the 2022 bear market, as rising US tariffs cast a shadow over business sentiment. Analysts point to a surge in expected US economic turmoil mirroring past recessions and questioning when the Fed will adopt quantitative easing measures. Charles Edwards, founder of Capriole Investments, highlighted that Bitcoin’s reaction to President Trump’s April 2nd announcement of worldwide trade tariffs was more significant than US stock market performance. While this triggered a decline in BTC/USD by up to 8.5% on the day, Edwards noted that US business expectations reflect a high-risk period similar to 2000, 2008, and 2022. His analysis suggests that higher than expected tariffs may signify a turning point for the cryptocurrency market. He argues that this is reflected in the Philadelphia Fed Business Outlook Survey (BOS) which has dipped below 15 for the first time since early 2024, mirroring similar conditions before previous bear market bottoms in 2000, 2008, and 2022.