The global cryptocurial market is in disorder, its total value lowering to 2.4 billions of dollars, a decrease of 10%. Bitcoin, the best global cryptocurrency, plunged $ 74,000, its lowest level in four months. Meanwhile, Michael de Poppe, Top Crypto analyst, warns that more volatility is ahead. He thinks Bitcoin could fall more at $ 70,000 before bouncing. Will it be an opportunity to buy or the start of a larger crash?
Bitcoin crashes at $ 75,000
Monday’s negotiation session opened its doors with heavy losses on the global markets, arousing fears similar to previous financial accidents. Bitcoin, who was just $ 100,000 just months ago, is now struggling to stay above $ 75,000.
Crypto analyst Michael Van de Poppe described the situation as a “black Monday”, highlighting the sharp drop in bitcoin and the wider market of cryptography. He warned that the next few weeks could be very unpredictable, Bitcoin facing a major test at its current levels.
But upcoming events could play a big role in training the next Bitcoin movement. Despite uncertainty, he considers this correction as a potential buying opportunity for long -term investors.
What causes Bitcoin’s fall?
Several factors contribute to the drop in bitcoin, which makes evil for investors:
President Trump’s strict trade policies make nervous investors. Its difficult position on prices creates uncertainty, pushing a lot to move away from risky active ingredients like Bitcoin.
- No response from the Federal Reserve
There are rumors that the federal reserve could call an emergency meeting to approach market instability during the week or the next two hours, but until then, uncertainty remains high. If the Fed remains silent, bitcoin and other assets can continue to drop.
A wave of forced liquidations struck the cryptography market. In the past 24 hours, $ 471.6 million in Bitcoin have been liquidated. Long traders have lost around $ 409 million, while the sellers in the open experienced $ 62.3 million in liquidations.
$ 70,000 is the next stop?
As Van de Poppe points out, Bitcoin is already down almost 30% compared to its top of all time, traders are looking for signs of stabilization. The key support area is now between $ 70,000 and $ 75,000.
If Bitcoin manages to maintain this level, it could see a strong recovery. However, if it breaks below, a more downward descent can be on the horizon.
Van de Poppe remains optimistic for long -term investors, which suggests that the purchase of Bitcoin at current levels could prove beneficial in the next 12 to 24 months.
What to expect in the coming weeks?
Currently, Bitcoin is at a critical level currently merchanting around $ 77,000, reflecting a drop of 7% observed in the last 24 hours. If he remains more than $ 70,000, he could rebound soon. But if it falls below, a greater correction can occur.
Despite panic, some experts believe that the next two weeks will be essential for Bitcoin and the larger financial markets.
