Bitcoin May Plunge $19.7K, Says Michael Van De Poppe
Michael Van De Poppe, CEO and creator of Eight Global, has a new YouTube video in which he talks about the effects of Bitcoin’s recent price drop. He thinks the next several weeks will be pivotal in establishing the coin’s worth in the market.
Michael unveils the weekly chart, showing that Bitcoin has stabilized between $22,000 and $25,000. The crypto expert says this stability is accompanied by a corrective move weighing on altcoins.
Market Crossroads: Brace for Big Moves Ahead
He points out that the cryptocurrency market’s total market capitalization has been hovering around the all-time high it set in 2017 and that this has caused the need to look for a new higher bottom. Michael says Bitcoin might fall below $19.7k if we break below the 200-week moving average of the market capitalization. Meanwhile, Michael notes that the market valuation might fall to $860 billion, further driving the market down by 15%.
The CEO believes the market is poised to shift significantly in the coming weeks if market capitalization continues to rise above the 200-week Moving Average. Yet, he elaborates, saying that the market may now predict a high probability of being near the bottom of the market.
Altcoin Market Cap Defies Gravity, But Correction Looms
Surprisingly, the total value of altcoins still trades above the 200-week moving average. The market is above the 200-week moving average, but only if a little corrective move of about 10% occurs. However, Michael stresses that all corrective movements are times when the market will consolidate into a channel.
Moreover, the current inflation is accompanied by the anticipation that the rises would continue for a more extended period, which has caused a slight price drop. Hence, a typical correction inside an uptrend may be predicted, leading to more momentum into the offside, assuming the Federal Reserve begins to maintain the strategy of merely raising the rates by 25bps.
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