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.
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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.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
