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.
[adinserter block="1"]“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.
Van de Poppe also says Ethereum (ETH) and Litecoin (LTC) may be heading to lower price targets.
“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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