Bitcoin and altcoins continue to trend sideways with a slight loss of momentum. However, crypto analyst Michaël van de Poppe tweeted that after several days of $200 price drops, Bitcoin could drop as low as $12,000. Meanwhile, Bitcoin has been struggling to surpass the $30,000 level since the market slowdown began. While the first spot Bitcoin ETF is launching in Europe, the US SEC has yet to greenlight any ETFs. Here are the details…
Analyst points to $12,000 for Bitcoin
Crypto analyst Michaël van de Poppe says that in what many describe as an impossible scenario, the world’s largest cryptocurrency in terms of value and market cap could be approaching some of its worst days. The analyst says that amid the ongoing market slowdown, BTC could see a sharp drop to $12,000 after dropping by $200 over the past few days. The realization of such a drop, however far off, could signal an overall bearish for the crypto market. Recently, the crypto market has been in bad shape. Many major cryptocurrencies have lost most of the gains they had accumulated in the previous months.
Basically, since #Bitcoin dropped $200, it's $12,000 next.
— Michaël van de Poppe (@CryptoMichNL) August 16, 2023
In particular, Bitcoin had a hard time getting above 30 thousand dollars. While the cryptocurrency hit over $30,000 earlier in the month, it has since bounced back to its previous levels. However, this week saw the cryptocurrency drop as low as $29.1k. Cryptokoin.com data shows that BTC has dropped 0.77% in the last 24 hours and 2.34% in the last seven days. The cryptocurrency is currently changing hands at $29,121.
First spot BTC ETF launched
In related news, Europe saw the launch of its first spot Bitcoin ETF two years after it was approved. London-based asset manager Jacobi listed the spot Bitcoin on the Euronext Amsterdam exchange. The spot ETF, which provides investors with traditional exposure to BTC, is seen as a landmark development in the crypto space. The ETF will be traded under the code “BCOIN” and the Fidelity Digital Assets custodian, the Flow Trader market maker and the Guernsey Financial Services Commission will serve as the regulator.
Elsewhere, the SEC continues to prolong the chances of a spot Bitcoin ETF in the US. While several institutions have filed for ETFs, none have received the green light from the SEC to list their spot ETFs. Recently, a former official of the commission said that the SEC’s chances of approving a spot Bitcoin ETF are slim. Likewise, many allegations have emerged suggesting that the regulator may be partisan and unnecessarily strict in its lawsuits against crypto-assets.
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