Renowned cryptocurrency analyst Michaël van de Poppe warned Monday that Bitcoin BTC/USD 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. “I don’t want anything to go down, but sometimes you have to take medicine to fix something,” Trump said Sunday.
Why It Matters: The magnitude of consecutive market drops has drawn comparisons to the Great Depression, with analysts noting rare consecutive steep declines in major indices. Ryan Detrick of Carson Research highlighted that if the S&P 500 closed down by 4% Monday, it would mark the third consecutive day of a 4% or greater decline — something only seen three times in history, all during the Great Depression.
Van de Poppe said Bitcoin's recovery depends on Trump delaying tariffs, which he sees as unlikely, or an emergency Fed meeting within one to two weeks. Without either, deeper losses may follow.
Despite the panic, the crypto analyst remained optimistic about Bitcoin’s long-term outlook, advising investors to consider the current correction as a buying opportunity. “If we talk about Bitcoin specific, then these are the areas where you want to be allocating assets, as it’s a 30% correction from the high. In 12-24 months from now you’ll be happy that you’ve bought in these areas,” he added.
Venture capitalist Chamath Palihapitiya suggested traditional market rescue mechanisms may no longer be politically viable, noting “the bottom 50% of Americans have zero interest in the stock market,” while “Bond King” Jeff Gundlach warned that Federal Reserve rate cuts were unlikely “unless the losses in risk assets greatly increase.”
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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