Popular crypto analyst Michaël van de Poppe says that Bitcoin (BTC) may reach a new low if it fails to defend a vital support level.
In a new YouTube strategy session video, Van de Poppe tells his 163,000 YouTube subscribers that Bitcoin needs to see buying support to keep it above $16,750 or the king asset is likely to plummet.
“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 time of writing, Bitcoin is changing hands at $16,834.
“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.”
At time of writing, Ethereum is changing hands at $1,254 and Litecoin at $75.33.
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