Top crypto trader charts the way forward for Bitcoin (BTC) and warns of a “painful period” if key support level collapses
Popular crypto analyst Michaël van de Poppe says that if Bitcoin (BTC) fails to defend a key support level, it could set a new low.
In a new YouTube strategy session video, Van de Poppe tells his 163,000 YouTube subscribers that Bitcoin must need buy support to keep it above $16,750 or the king fortune is likely to crash.
“The importance is at the $16,750 level. It clearly has to stay there if it wants something. If we don’t stay there, it’s going to be a relatively painful time for the markets…
We’re likely to look at new lows if markets don’t jump above $16,700. And if you look at altcoins, the same view clearly emerges.”
At the time of writing, Bitcoin is changing hands at $16,834.
Van de Poppe also says Ethereum (ETH) and Litecoin (LTC) may be headed for lower price targets.
“ETH has not continued the rally at this point. So we’re falling behind here which means if we can’t pick up the pace I’m looking at $1220-$1230.
The same applies to Litecoin. If Litecoin doesn’t gain momentum, which $76 clearly rejected, and starts throwing up even more, we’re looking at a balance between $71 and $72.”
At the time of writing, Ethereum is changing hands at $1,254 and Litecoin at $75.33.
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