"What are your expectations as an investor? Will the price of BTC go up or down?”
Investors expressed their excitement when cryptocurrency king Bitcoin (BTC) managed to reach $25,000 on February 16, but since then the price has seen erratic movements and has now slipped to around $22,300.
Following the streak, some analysts predicted that BTC might plunge below the $19,500 level as a result of the ongoing crypto market decline.
On March 3rd, the price of BTC saw a drastic drop at $22,000 shortly after Silvergate Bank shares plunged by 60% amid concerns about the bank's potential to survive the next twelve months.
The crypto market is reportedly facing increasing selling pressure as many crypto companies begin to cut ties with Silvergate Bank.
According to Michael van de Poppe, the popular crypto analyst thinks that BTC could drop to $19,500 or lower if the digital asset fails to maintain its price around $22,300.
He further added that the crypto market will suffer even more significant bleeding, with altcoins likely to drop by 15% to 25% when the price of BTC reaches the level he predicted.
In fact, the price of the digital asset can experience continuous selling pressure if there is any bad news related to the crypto market.
As of this writing, BTC price is down 0.72% at $22,400 in the last 24 hours with a market capitalization of $433 billion.
