Bitcoin (BTC) experienced a significant decline in value on April 19, as a severe market correction occurred.
Michael van de Poppe, a prominent crypto analyst, observed that the premier digital asset was unable to maintain its value between $29,700 and $29,800, causing a cascade of liquidations. Bitcoin’s current price of $29,264 represents a daily decline of 3.54%, with a market valuation of $566 billion. This decline has resulted in a loss of over $17 billion in a matter of hours.
Van de Poppe has been closely observing Bitcoin’s movements and has expressed concern about its inability to maintain its current value. According to him, the recent decline is the result of a market correction, and the situation is not expected to alter in the near future.
The decline in Bitcoin’s value has not escaped the notice of investors, many of whom have been caught off guard by the precipitous decline. Many merchants were forced to liquidate their assets in order to cover their losses, which contributed significantly to this decline.
The trading expert identified two critical levels that Bitcoin must surpass within the next few days. According to him, a breach of $29,300 could prompt the liquidation of short positions, resulting in a substantial price increase. In contrast, failure to surpass this level could result in additional downward pressure on the BTC price.
Van de Poppe also emphasized that Bitcoin must surpass $29,700 in order to return to its previous range. This level represents a significant point of resistance, and its breach would indicate a return to bullish momentum.
Van de Poppe is positive about the cryptocurrency market’s long-term prospects, despite the fact that the current market correction has sparked investor concern. He believes that the market is enduring a healthy correction and that the current decline represents an opportunity for investors to acquire more cryptocurrency at a reduced price.
Breaking the $1.25 trillion threshold is comparable to Bitcoin surpassing the $6,000 threshold, which was an important milestone for the cryptocurrency in the past.
In fact, the market analyst believes that a breach of this resistance level is probable, which could spark a bear market relief rally that could increase the total market capitalization by 30% to $1.65 trillion. In the best-case scenario, the market capitalization could reach $2.1 to $2.2 trillion, an increase of 80 percent.
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