On Wednesday, the Bitcoin price caused a seismic shift, triggering significant liquidations throughout the entire crypto market, totaling over $250 million during the mid-London trading session. As a result, traders are seeking refuge in stablecoins, with trading volumes increasing by more than 25% today. Even Ethereum (ETH) hasn’t been immune to the turmoil, with its price plummeting below $2000 after last week’s Shanghai upgrade.
Bitcoin Price Targets by Michael van de Poppe
Speaking in a latest YouTube video, crypto analyst and influencer Michael van de Poppe told his viewers that Bitcoin has a low chance of retesting $15.5k again despite the constant rejection at $31k. The analyst insisted that Bitcoin has a high chance of replaying the 2019 market structure in the coming quarters. Nevertheless, Poppe cautioned his viewers to expect a significant market correction in the second half of this year.
Meanwhile, the analyst expects Bitcoin price to continue rallying towards $45k in the near term before an imminent correction to retest the $25k zone.
Crypto on the Rise
The fall of the United States dollar as other countries led by China use local currencies to settle international trades is a huge win for Bitcoin and other digital currencies. In a recent Bloomberg economic forum, former United States presidential candidate Hillary Clinton stated that the rise of cryptocurrencies has the potential to destabilize nations beginning with small economies to the larger market.
Hong Kong Sets The Bar
Already, Hong Kong plans to become a crypto hub by legislating a friendly regulatory framework by June this year, thus attracting Chinese banks. In this regard, crypto assets are extremely bullish in the long term despite the regulatory pressures.