\n<\/p>\n
Crypto trader Micha\u00ebl van de Poppe says that the current war in Eastern Europe could drive crypto stalwarts Bitcoin (BTC) and Ethereum (ETH) to new lows.<\/span><\/p>\n In a new video, the analyst tells his 165,000 YouTube subscribers that the conflict between Ukraine and Russia is causing economic uncertainties impacting indices, inflation rates as well as the prices of gold and Bitcoin.<\/span><\/p>\n \u201cAt this stage, we are seeing that Bitcoin is dropping down significantly and why is that? That\u2019s because of short-term panic. You must understand that traders are short-term based people, very impulsive, emotional and that is what the markets are reflecting\u2026\u201d<\/span><\/i><\/p>\n Van de Poppe says that the current downturn is creating a gap between Bitcoin\u2019s price and its value, which could be an opportunity for those still bullish on the top cryptocurrency. However, he says BTC could still make a new lower low at around $30,000.<\/span><\/p>\n \u201cThe reason why Bitcoin is dropping down right now is because of the horizon that is going to slim or getting smaller or shorter time frame through which people are opting out of those assets and flying towards the US dollar or towards gold as we have been seeing and because of that, the valuation of Bitcoin is dropping down and because of that, we can see that the gap between the fundamental growth and the price in itself is getting larger and larger, which creates heavy opportunities\u2026<\/span><\/i><\/p>\n \u2026If we drop down some more and if we lose this entire region between $38,000 to $39,500, we\u2019re definitely going to take the liquidity beneath the low. That\u2019s where you want to see the reversal. That\u2019s when you get higher timeframe bullish divergence, and that\u2019s when you get the reversal taking place overall. Right now, the markets are correcting some more.\u201d<\/span><\/i><\/p>\n Van de Poppe says that altcoins, led by Ethereum, also have heavy sell-side pressure that could push them down further, potentially until ETH hits the $2,000 mark.\u00a0<\/span><\/p>\n \u201cIf we\u2019re looking at altcoins too, we can clearly see that altcoins have no interest in going up. They are actually grinding down some more\u2026<\/span><\/i><\/p>\n There is so much uncertainty about the markets resulting into altcoins selling off, especially when you\u2019re looking at Ethereum, we can conclude that we\u2019ve been making another lower high.<\/span><\/i><\/p>\n We have just been stating a possible view on Bitcoin in which we are taking the lows before we\u2019re going to reverse. Those chances are going to increase when you look at Ethereum. I think that we\u2019re going to test these lows, potentially even $2,000, if we are not reclaiming any level.\u201d<\/span><\/i><\/p>\n