Analyst forecasts Bitcoin slide to $19,700

Eight Global chief executive and founder Michaël van de Poppe noted the importance of the coming weeks for Bitcoin and allowed for a drop in its price below the $20,000 level.

#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

“Bitcoin crashed, what’s next?”, asked van de Poppe.

Referring to the weekly chart, he concluded that digital gold is stabilising in a range between $22,000 and $25,000. The analyst also noted a bearish trend that has gripped a number of altcoins.

According to van de Poppe, the market capitalisation has tested the 2017 highs, and is now “searching for a higher bottom”.

“The cryptocurrency market cap could fall to $860 million, dragging the entire market down by another 15%,” he warned.

Earlier, Bitcoin price reached $24,900 on February 16, matching August 2022 levels.

On March 3, Bitcoin dipped below $22,000. Matrixport’s Director of Research and Strategy Marcus Thielen suggested that this was influenced by Silvergate decision to delay the filing of its report with the SEC and heightened regulatory attention to the industry.