Michael Van De Poppe Predicts Possible $19.7K Drop For Bitcoin
CoinEdition
Published Mar 05, 2023 02:09AM ET
Updated Mar 05, 2023 02:30AM ET
Michael Van De Poppe Predicts Possible $19.7K Drop For Bitcoin
- Michael Van De Poppe predicts a potential drop in Bitcoin value to $19.7k.
- The market is at crossroads with potentially significant moves in the next few weeks.
- Altcoin market cap holding above the 200-week EMA, but corrective moves are expected.
Eight Global CEO and founder, Michael Van De Poppe posted a new YouTube video discussing the repercussions of the recent price section of Bitcoin. According to him, the next few weeks are very crucial for the market to determine the coin’s value.
As per the CEO, the market is at the crossroad of a potentially significant move to be made in the next few weeks if the market cap maintains above the 200-week Moving Average. Nevertheless, he continues that the odds of being at the bottom of the market is what the market can anticipate at the moment.
On the other hand, the altcoin market cap is holding above the 200-week EMA. However if a slight corrective move of about 10%, the market is above the 200-week MA as well. Furthermore, Michael emphasizes that all the corrective moves are periods where the price is going to stabilize into a channel.
Additionally, amidst the current inflation, the expectations remain that the hikes will continue to last longer, driving the price to tank down a little. Hence, if the Federal Reserve starts to continue to follow the policy of only increasing the rates by 25bps, a normal correction inside an uptrend can be expected, resulting in further momentum into the offside.
The post Michael Van De Poppe Predicts Possible $19.7K Drop For Bitcoin appeared first on Coin Edition.
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