- Crypto analyst Michaël van de Poppe tweeted that Bitcoin may drop to $12k, following a $200 drop in price.
- Bitcoin has struggled to stay afloat the $30k mark since the market slowdown began.
- Europe saw the launch of its first spot Bitcoin ETF launch, while the U.S. SEC is yet to greenlight any.
In what many would call a seemingly impossible scenario, crypto analyst Michaël van de Poppe says the world’s largest cryptocurrency by value and market cap may be approaching some of its worst days. Amidst the ongoing market slowdown, the analyst says BTC could see a steep decline to $12,000 after dropping $200 in the past few days.
Basically, since #Bitcoin dropped $200, it's $12,000 next.— Michaël van de Poppe (@CryptoMichNL) August 16, 2023
The occurrence of such a decline, however remote, could signal an overall bearish run for the crypto market. Lately, the crypto market has been in a poor form, with many major cryptocurrencies shedding most of the gains they accumulated over previous months.
Notably, Bitcoin has struggled to move beyond the $30K mark. Even though the cryptocurrency peaked above the $30k line earlier in the month, it has since dropped back to its previous levels. However, this week has seen the cryptocurrency dip lower to around $29.1k.
Data from CoinMarketCap show that BTC has dropped 0.77% in the past 24 hours and 2.34% in the past seven days. The cryptocurrency is currently exchanging hands at $29,121.
In related news, Europe saw the launch of its first spot Bitcoin ETF two years after its approval. London-based asset manager Jacobi listed the spot Bitcoin on the Euronext Amsterdam stock exchange.
The spot ETF, which gives investors exposure to BTC through traditional means, is viewed as a landmark development in the crypto space. The ETF will trade under the ticker “BCOIN,” with Fidelity Digital Assets serving as the custodian, Flow Trader serving as the market maker, and the Guernsey Financial Services Commission serving as the regulatory body.
Elsewhere, the SEC continues to prolong the chances of a spot Bitcoin ETF in the US. Even though several institutions have filed for the ETF, none has seen the green light from the SEC to list their spot ETF.
Recently, a former official of the commission said the chances of the SEC approving a spot Bitcoin ETF are slim. Likewise, many allegations have emerged suggesting that the regulator might have been partisan and unnecessarily strict in its cases against crypto entities.
The post Analyst Says Bitcoin to Drop to $12k Following Recent Decline appeared first on Coin Edition.