Eight Global CEO and founder, Michael Van De Poppe posted a new YouTube video discussing the repercussions of the recent price section of Bitcoin. According to him, the next few weeks are very crucial for the market to determine the coin’s value.
#Bitcoin crashes, so what’s next?
Check the update here:https://t.co/pyAHQJ72AT pic.twitter.com/NffWGoAdcw
— Michaël van de Poppe (@CryptoMichNL) March 4, 2023
Michael opens up the weekly chart where BTC is stabilizing around $22k to $25k whilst demonstrating a corrective move which is pushing down altcoins, according to the crypto expert.
He highlights that the total market capitalization of the crypto market has been retesting the high of 2017, which has resulted in the market seeking a new higher low. Michael predicts that if we lose the 200-week MA on the total market cap, Bitcoin might drop to $19.7k. Simultaneously, Micheal adds,
The market cap might also drop to $860 billion, dragging down the market by another 15%.
As per the CEO, the market is at the crossroad of a potentially significant move to be made in the next few weeks if the market cap maintains above the 200-week Moving Average. Nevertheless, he continues that the odds of being at the bottom of the market is what the market can anticipate at the moment.
On the other hand, the altcoin market cap is holding above the 200-week EMA. However if a slight corrective move of about 10%, the market is above the 200-week MA as well. Furthermore, Michael emphasizes that all the corrective moves are periods where the price is going to stabilize into a channel.
Additionally, amidst the current inflation, the expectations remain that the hikes will continue to last longer, driving the price to tank down a little. Hence, if the Federal Reserve starts to continue to follow the policy of only increasing the rates by 25bps, a normal correction inside an uptrend can be expected, resulting in further momentum into the offside.