- Michael van de Poppe tweeted that BTC dropping to $19k is inevitable.
- The analyst says that the market is overpriced.
- Investors should keep an eye on the support level at $21.1k.
The crypto analyst, Michael van de Poppe, tweeted his latest analysis for the crypto market leader, Bitcoin (BTC), today as BTC faces what he refers to as “big numbers” with the GDP and PMI data coming in this week.
Van de Poppe stated that BTC, as well as altcoins, have been in some form of consolidation over the last week and have not posted any new highs during this period. The analyst also highlighted the 50% run that BTC’s price experienced since the beginning of this year.
Looking at the market cap for the crypto market shows that the crypto market rallied somewhat to above the $1 trillion mark. As a result, the global crypto market cap is now at a resistance level at around $1.02 trillion.
The analyst stated that the crypto market cap reaching either 925 billion or 840 billion may be a good opportunity for investors to buy the dip. He also stated that the crypto market will remain bearish for the coming weeks as the U.S. Fed will continue to hike interest rates. In addition to this, the employment figure for the U.S. is still very low.
Van de Poppe believes that prices in the financial markets are overpriced due to the market thinking that the Fed will be reversing debt policy sometime soon.
The crypto influencer states that BTC had a crucial resistance level to break at $23,2k and failed to do so. As a result BTC’s price printed lower highs, which suggests that there will be a retest of $21.1k soon. This is also the level that the analyst highlighted as a level that investors should keep an eye on. Should BTC break this support level, its price will make a move toward $19k.
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