Bitcoin Price Drops 9% as Analyst Van De Poppe Predicts a Drop to $70,000 Amid Crypto ‘Black Monday’

Highlights:

• Bitcoin price plummets 9% to $76,379 as crypto market crashes.
• For the first time in 16 years, the Bitcoin hash rate has hit a record high of 1—zeta hash. 
• Crypto analyst Van de Poppe has highlighted a potential drop to $70K in Bitcoin’s price.

The crypto ‘Black Monday’ has hit the digital assets, led by Bitcoin, which has seen a 9% decline to $76,379 in the past 24 hours. The recent market crash emerged amid fear of steep market declines ‘immediately’ during major trade disturbances and became a ‘Black Monday’ panic. This has caused the king coin to break below the falling wedge pattern, as sellers have the upper hand.

Meanwhile, the Bitcoin hash rate has hit a record high of 1- zeta hash for the first time in 16 years. This achievement makes history for the cryptocurrency as network strength keeps on growing.

As the Bitcoin hash rate increases, the security of the Bitcoin blockchain network is improved. Adding more mining operations to the BTC Blockchain network will prevent potential threats to the control of the blockchain. The Bitcoin Network reached 1 ZH/s computing power (1,000 Exahashes per second with a 1,000-fold growth from late Jan 2016).

Is a Drop to $70K Imminent?

A closer look at the Bitcoin daily chart timeframe shows that the sellers have entirely taken over, painting the market as bearish. Moreover, the Bitcoin price trades below the key moving averages, signaling intense selling activities. If the selling pressure mounts, BTC could drop further to $75,566. This level currently serves as the main support region. A deeper correction below this level could see BTC fall to $72,803, 69,486, and 67,828, respectively. 

Further, a well-known analyst, Van de Poppe, has highlighted a potential BTC price drop to $70,000. ‘The intensified traditional market forces and financial fear market forces combined will lead to a crucial evaluation phase for Bitcoin’s price,’ added analyst Van de Poppe.

There we go.

Black Monday, #Bitcoin back to the lows.

It's hard to judge how deep we'll go in times of panic, but we're taking the liquidity beneath the low and we'll be waiting on:
– Trump delaying Tariffs (not happening)
– FED announcing emergency meeting (max 1-2 weeks)
-… pic.twitter.com/acAPJrS5xB

— Michaël van de Poppe (@CryptoMichNL) April 7, 2025

Van de Poppe warns because of his broader perspective regarding the economy. Market uncertainties are triggered by American trade policies revealed by US President Donald Trump regarding the impact of tariff shock. If the price reaches the $70,000 level, Bitcoin will be tested to its very core in terms of its strength, given that global markets are in a state of anxiety.

Can Bitcoin Price Rebound to $80,000?

A quick look at the technical indicators, including the Relative Strength Index (RSI), shows oversold conditions. Its position at 33.40 indicates intense selling pressure. However, with the altcoin in the undervalued region, the bulls could initiate a buy-back strategy to rekindle buying momentum.

If the bulls regain dominance, a flip above $80,541 could rekindle a buying spree in the market. Intense buying pressure could flip the 50-day MA resistance at $86,384 into a support level. This would signal a short-term bullish reversal, which may cause an upward trajectory to $86,804, invalidating the bearish trend. In the meantime, traders and investors should monitor the volume and support levels to determine the next direction in the BTC market.