Michael van de Poppe predicts bitcoin will fall to $ 19,700

Cryptocurrency analyst and founder of Eight trading company Michael van de Poppe shared his thoughts on the future of the flagship digital asset on his YouTube channel. According to Poppe, BTC $97,789.74 Bitcoin -0.41% Market capitalization $1.93 trillion VOL. 24 hours $3.04 billion could fall to $ 19,700 if the market capitalization falls below the 200-week moving average.

«The total market capitalization of cryptocurrencies could drop to $ 860 million, dragging the entire market down by another 15%,» the analyst emphasized. The Eight founder is convinced that the next few weeks will «decide the future» of bitcoin.

De Poppe also noted that if bitcoin successfully overcomes the $ 25,000 mark after the next drop, the digital asset will subsequently rise to $ 31,000. The next step for the flagship cryptocurrency will be $ 35,000 and, ultimately, the final stage of $ 40,000.

The trader’s current forecasts are much more positive than in 2022: at the end of November, Michael van de Poppe predicted that BTC would fall to $ 10,000. At the time, he noted that people used to want digital gold to fall to $ 20,000 in order to buy as much cryptocurrency as possible. Now, he said, traders dream of selling their virtual assets to buy bitcoin for $ 10,000.