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:
“Bitcoin collapsed, what next?”
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:
“The capitalization of cryptocurrencies could drop to $860 million, pulling the entire market down another 15%.”
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. 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.
Source: Bits
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