The CEO and founder of Eight Global sparked a conversation on Twitter regarding the immediate future of the leading cryptocurrency’s value.
Michael Van De Poppe believes that the upcoming weeks are critical for BTC and asked the audience to consider the current market situation by asking, “What’s next for Bitcoin after its recent collapse?” Looking at the weekly chart, Michael stated that Bitcoin is presently stabilizing between the $22,000 to $25,000 range.
However, he also noted a bearish movement in the market that has affected several altcoins.
Van De Popp has concluded that the crypto market has tested the heights of 2017 and is now searching for a new, higher bottom.
If the market cap drops below the 200-week moving average, then Michael’s prediction is that Bitcoin may fall to the $19,700 area, causing the overall market to drop by 15% to $860 million.
According to the Eight Global founder, the current situation is at a crossroads, and if the market cap remains above the 200-week moving average, then there will be a significant shift.
However, his current view is pessimistic. The cryptocurrency rates are currently in the red zone, and Bits.media has published material on this topic.