Bitcoin is predicted to fall amid mass protests in China

Famous cryptocurrency analyst Jim Wyckoff has expressed his fears about the further decline of the flagship cryptocurrency. The reason for this may be not only the difficult market situation caused by the bankruptcy of FTX and other platforms, but also mass protests in China due to the lockdown.

As Wyckoff emphasized, the value of digital assets is affected not only by events within the crypto community, but also by global issues. One of them is the protests of Chinese residents against the rule of Xi Jinping, whose government has imposed strict COVID restrictions. Expert Michael van de Poppe shares a similar view, posting a tweet on the topic.

Crucial area of #Bitcoin couldn't break, so we're still consolidating within that range.

On support now.

If this is lost, I'd expect new lows to be seen on the markets, probably depending on China & FTX contagion this week. pic.twitter.com/hWp1BF8peB

— Michaël van de Poppe (@CryptoMichNL) November 28, 2022

«The critical zone for the hryvnia has not been destroyed, it is still consolidating within this range. If the support zone is lost, I expect new lows on the markets. Now it all depends on the situation in China and the new consequences of the FTX bankruptcy,» Michael van de Poppe wrote.

It was Poppe who predicted a few days ago that bitcoin would fall to $ 10,000. 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 get bitcoin for $ 10,000. According to the cryptocurrency expert, the BTC exchange rate will definitely fall based on the current state of affairs in the market.