Renowned cryptocurrency analyst Michaël van de Poppe warned Monday that Bitcoin (CRYPTO: BTC) could test the $70,000 level amid what he described as “Black Monday” panic selling, as global markets experience their worst selloff since March 2020.
What Happened: “Black Monday, Bitcoin back to the lows,” van de Poppe wrote on X. “I think we’ll see a rollercoaster 1-2 weeks in which we’re having a test of the lows for Bitcoin. It can go as deep as $70K from here.”
Bitcoin was trading at $74,958.16, down 9.86% in the last 24 hours, extending losses as U.S. stock futures plummeted Sunday evening. Dow Jones Industrial Average futures fell over 1,000 points following a historic selloff that has erased trillions in U.S. market value since Thursday.
The catalyst for the market turbulence was President Donald Trump‘s sweeping new tariffs on imports from U.S. trading partners, announced Wednesday after market close. This triggered a crash on Thursday and Friday, when China announced retaliatory measures.
Trump remained firm on the tariff strategy despite mounting market pressure. …
