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 offered audience to deal with the current market situation by declaring:
Referring to the weekly chart, Michael stated that Bitcoin is stabilizing in the range between $22,000 and $25,000. At the same time, there is a bearish movement, which has dragged along a number of altcoins.
Van De Popp concludes that crypto capitalization has tested the highs of 2017, resulting in the market looking 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 $19,700 area:
According to the founder of Eight Global, the situation is now at a crossroads. There must be some major move here if the market cap stays above the 200-week moving average.
Source: Cryptocurrency
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