Michael Van De Poppe, CEO and founder of Eight Global, has released a new YouTube video discussing the recent drop in Bitcoin’s price and its potential impact on the cryptocurrency market. According to Michael, the next few weeks will be crucial in determining Bitcoin’s value in the market.
In the video, Michael presents a weekly chart that shows Bitcoin’s stability between $22,000 and $25,000. He notes that this stability has resulted in a corrective move that is affecting altcoins. Michael also points out that the total market capitalization of the cryptocurrency market has been hovering around its all-time high, which was set in 2017. This has led to the need to find a new higher bottom.
Michael warns that if the market capitalization falls below the 200-week moving average, Bitcoin could drop below $19.7k. He also notes that the market valuation could fall to a level that is lower than the current one. Michael believes that the cryptocurrency market is at a crossroads and that investors should brace themselves for big moves ahead.
The video has garnered a lot of attention from the cryptocurrency community, with many investors expressing their views on the market’s future. Some investors believe that Bitcoin’s price will continue to drop, while others are optimistic about its future prospects.
Overall, Michael’s video provides valuable insights into the current state of the cryptocurrency market and its potential future. Investors should pay close attention to his analysis and take appropriate measures to protect their investments.
