According to crypto analyst Michaël van de Poppe, Bitcoin could experience a significant price drop if it falls below a crucial support level.
According to a recent post on X, analyst Michaël van de Poppe believes the cryptocurrency market is weakening. He warns that Bitcoin must stay above $74,000 to avoid a potential drop below $65,000.
As an analyst, I’m seeing some concerning signals with Bitcoin right now. We’ve had five straight days of price declines, and liquidations are happening among those who bet on a price increase. Even with Michael Saylor continuing to buy large amounts – another $2 billion in assets – we’re not seeing any positive momentum. There’s a key price gap on the CME exchange around $79,100 that the market still needs to address. Breaking through that level is crucial for regaining upward momentum, as it’s currently acting as a support level against resistance. However, if that $79,100 level fails to hold, we could see a significant drop, potentially testing support levels below $65,000.
The analyst also says that the global economy is flashing bearish for Bitcoin.
Oil prices are still rising, with Brent crude currently at $107 a barrel. Rising interest rates are pushing stock prices and gold down. While Japan’s market reached a new high today, these developments aren’t positive for riskier investments like Bitcoin. For the crypto market to recover, we need to see these trends reverse.
Bitcoin is trading for $77,786 at time of writing, up 1.4% in the last 24 hours.
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2026-05-21 20:06