Bitcoin price, which went up to $ 12,400 this week, is currently in the range of $ 11,700-11,800. While the uncertainty in the stock and gold markets continues, it is also wondered how the crypto money market will move. According to an analyst named Crypto Michael, there are some points that investors should pay attention to in this process. According to this analyst, if Bitcoin goes below a certain level, a new drop may come.
Michael van de Poppe, who we know as the social media Crypto Michael, shared his daily Bitcoin analysis. Michael thinks Bitcoin is still in the bull market and could rise above $ 12,000 again. So much so that he explained in his analysis yesterday evening that the Bitcoin price can test the region of $ 12,100-12,200.
While making these comments, Michael does not neglect to state that there may be a downward movement in the market and to warn investors in this direction. The fact that Bitcoin is following the ounce of gold as low as $ 1,930 today could herald a bigger decline.
This Area Need Attention
On the market. will there be a new rise or a new fall; of course not known. However, analysts can predict which areas need attention in the Bitcoin price. According to Crypto Michael, there is a point that Bitcoin investors should be aware of if the wind starts to blow from the opposite direction. This is the level of $ 11,668.
Michael van de Poppe; He emphasizes that he thinks that Bitcoin can test $ 12,000, but first of all, it should not fall below $ 11,700. According to Michael’s analysis, a drop in the Bitcoin price below $ 11,668 could cause the price to slide below $ 11,500.
Upward Mobility May Become
Although Crypto Michael investors warn against a possible drop in the Bitcoin price, some experts think that the crypto money market will move up, not down. According to the report prepared by Grayscale Investments on Bitcoin, many developments in recent weeks have been in favor of Bitcoin.
The Grayscale team, which examines the Fed’s policy of printing money, the balance of supply / demand in the crypto money market, the general situation in crypto money exchanges and a few different data; They explained that Bitcoin is now drawing a similar picture to the one at the beginning of 2016. This statement can give hope to Bitcoin investors because Bitcoin, which traded at $ 430 in January 2016, went up to almost $ 20,000 in December 2017 after months of accumulation.