Popular Analyst Predicts Bitcoin (BTC) Price Might Hit $19K Soon
The crypto group erupted in pleasure as the value of Bitcoin (BTC) shocked the market by breaking the $25,000 threshold for the primary time on February 16. The flagship cryptocurrency ultimately managed to succeed in the coveted value stage after a chronic battle that lasted eight months, nonetheless, BTC has since then been on a roller-coaster experience, dropping to values of $21K. Few analysts predict that BTC would possibly drop even additional to ranges of $19.5K because of the continuing market downturn.
Bitcoin (BTC) Value On Tight Spot
On March 3, the value of Bitcoin skilled a precipitous decline, falling from $23,435 to $22,259 within the span of only one hour. This transpired after the share value of Silvergate Financial institution — considered one of crypto’s favored banking companions — plunged by 60% on account of considerations surrounding the financial institution’s sustainability over the subsequent twelve months.
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With main crypto corporations severing ties with the financial institution, the market witnessed a pointy decline and is at the moment reeling underneath stress on the rising uncertainty of additional repercussions. In keeping with a outstanding crypto analyst, Michael van de Poppe, Bitcoin’s value may expertise a steep drop which may take it as little as $19.5K if BTC fails to keep up its place across the $22.3K vary.
Crypto Crash On The Horizon?
Michael additional provides to his prediction by stating that Bitcoin reaching the $19,500 mark would possibly lead to an entire massacre within the cryptocurrency market, with altcoins experiencing a drop of roughly 15-25%. With the Sword of Damocles hanging over Bitcoin — the biggest crypto by market cap — it stays susceptible to additional decline in case of any unfavorable information associated to the crypto sector emerges.
Moreover, it ought to be famous that BTC’s technical evaluation (TA) indicators at CoinGape’s crypto market tracker additionally advocate promoting as summarised by shifting averages suggesting “promote” at 12 and “purchase” at 5. As issues at the moment stand, the value of Bitcoin (BTC) is buying and selling at $22,374 which represents a decline of 0.05% over the previous one hour, in distinction to a drop of two.86% during the last seven days.
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