A well-known cryptocurrency analyst has warned Bitcoin (BTC) traders that the weekend ahead could be difficult.
Popular crypto trader Michael van de Poppe advises his 644,000 Twitter followers to avoid overleveraging BTC as the new year approaches.
“We should be fine if Bitcoin remains above $16,600.
Grayscale, unemployment data, and other issues will make for a difficult weekend.
I wouldn’t go overboard with leverage.”
Van de Poppe then goes into greater detail with a chart, claiming that BTC must maintain the $16,600 level in order to avoid a crash.
“Bitcoin is again at support, but not fancying longs too much at this point.
To avoid a drop to under $16,000 and maintain upward momentum, it must remain above $16,600.
With today’s data, I’d be looking at a bit lower for longs towards $17,000.”
At the time of writing, BTC is worth $16,828.
The trader then shifts his focus to the leading smart contract platform Ethereum (ETH), which is currently trading for $1,265 at the time of writing.
“Theory is still on Ethereum and is proceeding as planned.”
Finally, Van de Poppe dissects Litecoin, a blockchain focused on payments (LTC). Yesterday, the analyst predicted that LTC would reach $72. Today, he confirms his theory.
“Thank you very much; we’re getting there for Litecoin. It’s probably time for longs later today.”
Litecoin is currently trading for $75.