The global cryptocurrency market is in turmoil, with its total value dropping to $2.4 trillion, a 10% decline. Bitcoin, the world’s top cryptocurrency, has plunged to $74,000, its lowest level in four months. Meanwhile, top crypto analyst Michael van de Poppe warns that more volatility is ahead. He believes Bitcoin could drop further to $70K before bouncing back. Will this be a buying opportunity or the start of a bigger crash?
Bitcoin Crashes To $75K
Monday’s trading session opened with heavy losses across global markets, sparking fears similar to past financial crashes. Bitcoin, which was nearing $100,000 just months ago, is now struggling to stay above $75,000.
Crypto analyst Michael van de Poppe described the situation as a “Black Monday,” highlighting the sharp decline in Bitcoin and the broader crypto market. He warned that the next few weeks could be highly unpredictable, with Bitcoin facing a major test at its current levels.
But upcoming events could play a big role in shaping Bitcoin’s next move. Despite the uncertainty, he sees this correction as a potential buying opportunity for long-term investors.
What’s Causing Bitcoin’s Drop?
Several factors are contributing to Bitcoin’s decline, making it a tough time for investors:
President Trump’s strict trade policies are making investors nervous. His tough stance on tariffs is creating uncertainty, pushing many to move away from risky assets like Bitcoin.
- No Response from the Federal Reserve
There are rumors that the Federal Reserve might call an emergency meeting to address market instability in the next week or two, but until then, uncertainty remains high. If the Fed stays silent, Bitcoin and other assets may continue to drop.
A wave of forced liquidations has hit the crypto market. Over the past 24 hours, $471.6 million worth of Bitcoin has been liquidated. Long traders have lost around $409 million, while short sellers faced $62.3 million in liquidations.
Is $70K the Next Stop?
As highlighted by van de Poppe, with Bitcoin already down nearly 30% from its all-time high, traders are looking for signs of stabilization. The key support zone now lies between $70,000 and $75,000.
If Bitcoin manages to hold this level, it could see a strong recovery. However, if it breaks below, further downside may be on the horizon.
Van de Poppe remains optimistic for long-term investors, suggesting that buying Bitcoin at current levels could prove beneficial in the next 12–24 months.
What to Expect in the Coming Weeks?
Right now, Bitcoin is at a critical level currently trading around $77k, reflecting a drop of 7% seen in the last 24 hours. If it stays above $70,000, it could bounce back soon. But if it drops below, a bigger correction may happen.
Despite the panic, some experts believe, the next two weeks will be critical for Bitcoin and the broader financial markets.
