Major Analyst Predicts a Possible Bitcoin Drop to $19,700

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Eight Global CEO and Founder Michael Van De Poppe posted a new video on YouTube in which the repercussions of the recent section on the price of Bitcoin are analyzed. According to him, the next few weeks are crucial for the market to determine the value of BTC.

Michael opens the weekly chart where BTC is stabilizing around $22k and $25k as he demonstrates a corrective move that is pushing altcoins lower, according to the cryptocurrency expert.

It highlights that the total market capitalization of the crypto market has been retesting the 2017 high, resulting in the market looking for a new higher low. Michael predicts that if we miss the 200-week MA on total market capitalization, Bitcoin could drop to $19,700. Simultaneously, Micheal adds:

Market capitalization could also fall to $860 billion, dragging the market down another 15%.

According to CEO Eight Global, the market is at the crossroads of a potentially significant move that will take place in the coming weeks if the market capitalization holds above the 200-week moving average. However, he goes on to say that the odds of being at the bottom of the market is what the market can anticipate at this point.

On the other hand, the altcoin market capitalization remains above the 200-week EMA. However, if there is a slight corrective move of around 10%, the market is also above the 200-week moving average. Furthermore, Michael emphasizes that all corrective moves are periods when the price will stabilize in a channel.

Also, amid the current inflation, expectations remain that the rallies will continue for longer, which will cause the price to stagnate a bit. Therefore, if the Federal Reserve begins to continue with the policy of raising rates only by 25bp, a normal correction can be expected within an uptrend, which will result in further momentum out of play.

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