Michael Van De Popp: Bitcoin will drop to $19,700

Article Reading Time:
1 min.

The founder and CEO of Eight Global launched a discussion on Twitter about the immediate prospects for the value of the first cryptocurrency.

The next few weeks will be key for BTC, says Michael Van De Poppe. He 
invited the audience to understand the current situation on the market, declaring:

“Bitcoin has collapsed, what’s next?”

Referring to the weekly chart, Michaelstated that Bitcoin is stabilizing in the range between $22,000 and $25,000. At the same time, a bearish movement is now observed, which has pulled a number of altcoins along with it.

Van De Popp concludes that capitalizationcryptocurrency tested the highs of 2017, which resulted in the market searching for a new higher bottom. The analyst’s forecast boils down to the fact that if the market capitalization is below the 200-week moving average, then Bitcoin may fall to the area of ​​$19 700:

“The capitalization of cryptocurrencies could drop to $860 million, pulling the entire market down another 15%.”

According to the founder of Eight Global, nowthe situation froze at a certain crossroads. There should be some major move here if the market cap remains above the 200-week moving average. However, at the moment his outlook is more negative than positive. Why are cryptocurrency rates now in the red zone? Bits.media published material on this topic.