Michael van de Poppe, CEO and founder of Eight Global, noted the importance of the next few weeks for bitcoin and allowed its price to fall below the $20,000 level.
#Bitcoin crashes, so what’s next?
Check the update here:https://t.co/pyAHQJ72AT pic.twitter.com/NffWGoAdcw
— Michaël van de Poppe (@CryptoMichNL) March 4, 2023
“Bitcoin collapsed, what next?” asked van de Poppe.
Referring to the weekly chart, he concluded that digital gold is stabilizing in a range between $22,000 and $25,000. The analyst also pointed to a bearish trend that has also affected a number of altcoins.
According to van de Poppe, the market capitalization has tested the highs of 2017, as a result of which he is now “looking for a higher bottom.” According to his forecast, if the indicator falls below the 200-week moving average, then the price of bitcoin will fall to $19,700.
“The capitalization of cryptocurrencies could drop to $860 million, pulling the entire market down by another 15%,” he warned.
Recall that on February 16, the price of bitcoin reached $24,900, corresponding to the values of August 2022.
On March 3, the first cryptocurrency fell below $ 22,000. Markus Thilen, director of research and strategy at Matrixport, admitted that this was influenced by Silvergate’s decision to postpone the report submission deadline to SEC and increased attention from regulators to the industry.
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