Bitcoin and altcoins have been experiencing sudden and sharp drops recently.
Although these decreases cause pessimism in the market, investors are looking forward to a rise.
Popular crypto analyst Michael van de Poppe, who evaluated the drops in BTC, said that Bitcoin is already showing weakness.
Stating that altcoins have also withdrawn with BTC, Poppe stated that after this withdrawal, altcoins rose against Bitcoin.
Poppe also said that altcoins' performance against BTC is seen as a sign that investors are looking for alternative cryptocurrencies to Bitcoin.
Believing that the levels that need to be recovered in order to continue the rise in Bitcoin are in the range of $ 26,500-$ 26,800, Poppe argued that if this range cannot be won, BTC may fall to $ 25,000.
“Bitcoin is showing weakness. Altcoins are also performing well against BTC as they have pulled back significantly.
Overall, I think we need to retrace the $26,500-$26,800 price range before we can move higher.
Otherwise, $25,000 comes in Bitcoin."
Overall, I'm looking at a case that we need to reclaim $26,500-26,800 before hitting longs (mentioned yesterday).
Otherwise, $25K. pic.twitter.com/dgwxdH3NHE
— Michaël van de Poppe (@CryptoMichNL) May 12, 2023
3.9% in the last 24 hours; Bitcoin, which has decreased by 9.42% in the last week, continues to be traded at $ 26,372 at the time of writing.
*Not investment advice.