Top Analyst Warns Of “Painful Time” If Support Level Falls For BTC
According to well-known cryptocurrency researcher Michael van de Poppe, Bitcoin (BTC) may hit a new low if it cannot hold onto a crucial support level.
In a new strategy session video, Van de Poppe warns his 163,000 YouTube followers that Bitcoin has to see buying support to hold it above $16,750, or the king asset is likely to fall.
“The importance lies on the level at $16,750. It clearly needs to hold there if it wants something. If we’re not going to be holding there, it’s going to be a relatively painful period for the markets…
We are probably looking at new lows if the markets are not going to jump in above $16,700. And if you look at the altcoins, it clearly shows the same view.”
At the time of writing, one bitcoin is worth $16,834.
Additionally, according to Van de Poppe, Litecoin (LTC) and Ethereum (ETH) may be headed for lower price objectives.
“ETH has not been continuing the rally at this point. So we are falling down here, which means that if we can’t pick up the pace, I’m looking at $1,220 to $1,230.
The same goes for Litecoin. If Litecoin is not picking up pace, which clearly rejected the $76, and starts to puke down even more, we are looking at a balance right around $71 to $72.”
Ethereum is now trading at $1,254, while Litecoin is at $75.33 at the time of writing.
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