- Michael van de Poppe predicts bearish price trends for BTC and ETH.
- He forecasts that BTC would dip to $19.3k and ETH would move down to $1,400.
- The crypto analyst also finds a bearish trend for altcoins.
Michael van de Poppe, CEO and founder of consultancy platform Eight goes bearish on Bitcoin and Ethereum prices. In a Twitter post, he said that in the context of the crypto market plunge, it is important to keep an eye on the “$19.3K level for BTC and $1,400 area for ETH.”
If we continue to drop, it's important to keep an eye on the $19.3K level for #Bitcoin and probably $1,400 area for #Ethereum.
— Michaël van de Poppe (@CryptoMichNL) August 20, 2022
Buyers should regularly step in around those zones.
The crypto expert also remarked that crypto buyers should look for trading around those price zones of BTC and ETH. Contextually, several Twitter audiences responded supporting Poppe’s prediction. A Twitterati said: “I’m holding out and waiting for $15569 will be bottom,” whereas other another person said that BTC will probably “close CME gap” on Monday, before going below 20k.
The global crypto market plunged in the past few days and major cryptocurrencies besides BTC and ETH also tumbled. And it is in this context, that Poppe raised his prediction for both the major coins.
At the press time, BTC was trading at $21,457, with a 0.9% hike in the past 24 hours. However, the coin was trading low by 13.3% in the past seven days. Although BTC had steeply declined on August 19, the trading chart shows that the coin has become slightly active since the past day.
While applying the prediction of Poppe, $19,300 is a key support level for BTC, which it crossed on July 13, with a high of $20,400. From this moment onwards, BTC was in an uptrend, with frequent lows and highs. However, the coin is trading over 32% down since June 7.
Meanwhile, ETH is now trading at $1,616, with a 1.25% and 19.5% dip in the past 24 hours and past seven days, respectively. Poppe predicted that ETH would dip to the $1,400 zone. The coin tapped at this level on June 13, and downsized, until it started surging on July 18. However, ETH tumbled below $1,400 and registered at $1362, on July 26.
As mentioned earlier, Poppe also points out the dip zone of BTC an ETH, where buyers can purchase the coins at a low price. Adding on, today, Poppe also wrote on altcoins nearing bearish trend, that the total market cap of altcoins was rejected at a crucial point of $700 billion, which was also a rejection point at the beginning of 2021.
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