Michaël van de Poppe Suggests the Possibility of BTC Falling to $10K

Michaël van de Poppe, CEO of Eight Global, speaks on the possibility of BTC touching $10k as the market has plummeted. Poppe also stressed the possibility of BTC hovering around $12-14k.

Could the markets fall towards $10K for #Bitcoin?

Definitely, that’s a likely possibility or $12-14K too, all depending on how things are going to develop from here.

However, I wouldn’t dare to start shorting #Bitcoin here.

Rather DCA & invest.

— Michaël van de Poppe (@CryptoMichNL) November 9, 2022

He mentioned that all this depends on how the situation is going to develop and progress. Poppe also stressed that it is better to dollar cost average and invest rather than short BTC.

The current market slump is due to the FTX drama. Major coins, including Bitcoin and Ethereum, have slumped in the last 24 hours. BTC and ETH are currently trading at $17,719 and $1,200, respectively, with a 10.215 and 19.91% loss in value during this period.

The global crypto market cap, which recently reached $1.1 trillion, has reversed course. The market cap has fallen below $900 billion for the first time since January 2021. It currently stands at $897 billion, with a 13.2% drop in the last 24 hours.

The majority of the top coins are down by double digits, with FTT and SOL down 74% and 35% in the last 24 hours, respectively. There is also a significant increase of 79.88% in total crypto market volume over the last 24 hours.

The crypto community has experienced a lot of stress over the past 24 hours. Many people weren’t expecting the rollercoaster ride they were treated to instead, even though some volatility was anticipated due to the midterm elections and the CPI data announcement due tomorrow. However, investors had no idea that the two major exchanges would be contributing to such high volatility.

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