Bitcoin

Celebrated crypto analyst Michaël van de Poppe, followed closely by hundreds of thousands of investors, released his latest predictions on the market today. Despite the market turning upwards a few hours ago due to the ETF application news, investor appetite hasn&#8217;t yet met the expected level. Nevertheless, the leading cryptocurrency&#8217;s efforts to solidify its place above $25,500 is commendable. 
<h2 style="text-align: justify" id="span-data-contrast-auto-renowned-crypto-guru-8217-s-a-href-https-en-coin-turk-com-cryptocurrency-market-in-a-stir-unraveling-the-enigma-of-plummeting-trading-volumes-data-wpel-link-internal-bitcoin-a-commentary-span-span-data-ccp-props-201341983-0-335551550-0-335551620-0-335559739-160-335559740-259-span">Renowned Crypto Guru&#8217;s <a href="https://en.coin-turk.com/cryptocurrency-market-in-a-stir-unraveling-the-enigma-of-plummeting-trading-volumes/" data-wpel-link="internal">Bitcoin</a> Commentary </h2>
Van de Poppe suggests that Bitcoin needs to see more demand and is losing supports one by one. The point of interest here is that the current outlook might indicate a deeper low. 
<blockquote>Here we go on Bitcoin. Sweeping lower levels. Seeing the reaction in the $25,000 area arouses great interest.</blockquote>
<img decoding="async" loading="lazy" class="aligncenter wp-image-84945 size-full" src="https://en.coin-turk.com/wp-content/uploads/2023/06/btc-27.png" alt="" width="1374" height="700" srcset="https://en.coin-turk.com/wp-content/uploads/2023/06/btc-27.png 1374w, https://en.coin-turk.com/wp-content/uploads/2023/06/btc-27-300x153.png 300w, https://en.coin-turk.com/wp-content/uploads/2023/06/btc-27-768x391.png 768w, https://en.coin-turk.com/wp-content/uploads/2023/06/btc-27-1200x611.png 1200w" sizes="(max-width: 1374px) 100vw, 1374px" />
Although Bitcoin dropped to as low as $24,800 after Van de Poppe&#8217;s post, it significantly recovered in the evening. The analyst&#8217;s view was that if the $24,500 area couldn&#8217;t be held, Bitcoin might want to hit a deeper low at $23,000. 
<blockquote>Not a great morning as indices are doing really well while Bitcoin is correcting (in line with Gold). There&#8217;s a USDT peg issue so the market is tense. Still in the interest area, but we need to stay above $24,500 to prevent a gradual decline to $23,000.</blockquote>
<h2 style="text-align: justify" id="span-data-contrast-auto-a-href-https-en-coin-turk-com-binances-new-listing-ada-tusd-trading-pair-impacts-and-prospects-on-cardanos-growth-data-wpel-link-internal-altcoin-a-comments-span-span-data-ccp-props-201341983-0-335551550-0-335551620-0-335559739-160-335559740-259-span"><a href="https://en.coin-turk.com/binances-new-listing-ada-tusd-trading-pair-impacts-and-prospects-on-cardanos-growth/" data-wpel-link="internal">Altcoin</a> Comments </h2>
Focusing on the cumulative value of cryptocurrencies, Poppe states that the markets can&#8217;t currently stay above the $1.05 trillion mark, which is the 200-week moving average (MA) of TOTAL. The cumulative value helped to predict major corrections several times this year. If the support at $1.05 trillion isn&#8217;t held, we might face worse days than 2022. In an environment where BTC market dominance has reached 47%, no altcoin investor will want the cumulative value to drop below $1 trillion. 
<blockquote>Cumulative value should have stayed above $1.05 trillion (i.e., 200 Week MA). This didn&#8217;t happen, so the price started to drop and we&#8217;re even rejecting this level. If any uptick is expected, it needs to be regained as soon as possible, otherwise, $800 and $950 billion will be tested.</blockquote>
<img decoding="async" loading="lazy" class="aligncenter wp-image-84946 size-full" src="https://en.coin-turk.com/wp-content/uploads/2023/06/bitcoin-12.png" alt="" width="1372" height="692" srcset="https://en.coin-turk.com/wp-content/uploads/2023/06/bitcoin-12.png 1372w, https://en.coin-turk.com/wp-content/uploads/2023/06/bitcoin-12-300x151.png 300w, https://en.coin-turk.com/wp-content/uploads/2023/06/bitcoin-12-768x387.png 768w, https://en.coin-turk.com/wp-content/uploads/2023/06/bitcoin-12-1200x605.png 1200w" sizes="(max-width: 1372px) 100vw, 1372px" />
The cumulative value approached a critical area with the BlackRock news. For the same reason, the Bitcoin price is above the $25,500 support. 
The post <a rel="nofollow" href="https://en.coin-turk.com/famed-crypto-analyst-warns-of-possible-deep-dive-in-bitcoin-and-market-value/" data-wpel-link="internal">Famed Crypto Analyst Warns of Possible Deep Dive in Bitcoin and Market Value</a> appeared first on <a rel="nofollow" href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Famed Crypto Analyst Warns of Possible Deep Dive in Bitcoin and Market Value

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