A widely followed crypto analyst is warning Bitcoin (BTC) traders that the king crypto may crash further before rebounding.
Yesterday, crypto trader Michaël van de Poppe told his 657,400 Twitter followers that BTC’s lows were “getting swept” as they fell toward the $25,000 area.
“There we go on Bitcoin.
The lows are getting swept.
Heavily interested to see response at the $25,000 region.”
Since Van de Poppe’s tweet, BTC has indeed fallen further, trading for $24,937 at time of writing.
According to the trader, if Bitcoin fails to stay above $24,500, it will likely crash to $23,000.
“Not a great morning, as Bitcoin is correcting (in line with Gold), while indices are doing really well.
Unemployment and ECB day today!
USDT peg is lost as well, so things are edgy.
Still in the area of interest, but needs to sustain above $24,500 to avoid a cascade to $23,000.”
Looking at crypto’s total market cap (TOTAL), which measures the total value of all cryptocurrencies in circulation, the analyst says the markets are currently unable to remain above TOTAL’s 200-week moving average (MA) of $1.05 trillion.
“Total market capitalization for crypto had to hold above the $1.05 trillion marker (which is the 200-Week MA).
It couldn’t, so price started to dwindle down and we’re even rejecting that level.
Needs to reclaim asap if any upside is expected, otherwise tests at $800 and $950 billion.”
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Featured Image: Shutterstock/IM_VISUALS/Konstantin Faraktinov
