Popular Analyst Predicts Bitcoin (BTC) Price Might Hit $19K Soon
The crypto community erupted in joy as the price of Bitcoin (BTC) shocked the market by breaking the $25,000 threshold for the first time on February 16. The flagship cryptocurrency eventually managed to reach the coveted price level after a prolonged struggle that lasted eight months, however, BTC has since then been on a roller-coaster ride, dropping to values of $21K. Few analysts predict that BTC might drop even further to levels of $19.5K as a result of the ongoing market downturn.
Bitcoin (BTC) Price On Tight Spot
On March 3, the price of Bitcoin experienced a precipitous decline, falling from $23,435 to $22,259 in the span of just one hour. This transpired after the share price of Silvergate Bank — one of crypto’s favored banking partners — plunged by 60% due to concerns surrounding the bank’s sustainability over the next twelve months.
Read More: Check Out The Top 10 DeFi Lending Platforms Of 2023
With major crypto companies severing ties with the bank, the market witnessed a sharp decline and is currently reeling under pressure on the growing uncertainty of further repercussions. According to a prominent crypto analyst, Michael van de Poppe, Bitcoin’s price could experience a steep drop that might take it as low as $19.5K if BTC fails to maintain its position around the $22.3K range.
Crypto Crash On The Horizon?
Michael further adds to his prediction by stating that Bitcoin reaching the $19,500 mark might result in a complete bloodbath in the cryptocurrency market, with altcoins experiencing a drop of approximately 15-25%. With the Sword of Damocles hanging over Bitcoin — the largest crypto by market cap — it remains vulnerable to further decline in case of any unfavorable news related to the crypto sector emerges.
Additionally, it should be noted that BTC’s technical analysis (TA) indicators at CoinGape’s crypto market tracker also recommend selling as summarised by moving averages suggesting “sell” at 12 and “buy” at 5. As things currently stand, the price of Bitcoin (BTC) is trading at $22,374 which represents a decline of 0.05% over the past one hour, in contrast to a drop of 2.86% over the last seven days.
Also Read: Binance CEO Contemplates Voyager Deal Exit Amid Escalating Regulatory Pressure
- MetaMask Gears Up for Major MASK Token Airdrop With Reward Points System Launch
- Coinbase Joins Ripple and Circle In Applying For National Banking License
- USDT Issuer Tether Eyes $200M Raise To Launch Tokenized Gold Treasury Company
- REX-Osprey Files For ADA, HYPE, XLM, SUI ETFs as Crypto ETF Frenzy Heats Up
- ChangeNOW’s Quiet Power Play in Helping Crypto Businesses
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
