According to popular crypto analyst Michael van de Poppe, Bitcoin (BTC) may reach a new low if it fails to defend a critical support level.
Van de Poppe tells his 163,000 YouTube subscribers in a new strategy session video that Bitcoin needs to see buying support to stay above $16,750 or the king asset will plummet.
“The level at $16,750 is significant. If it wants something, it clearly needs to hold there. If we don’t hold there, the markets will go through a relatively painful period.
If the markets do not rise above $16,700, we will most likely see new lows. And if you look at the altcoins, you’ll see the same thing.”
At the time of writing, Bitcoin is worth $16,834.
Van de Poppe also believes Ethereum (ETH) and Litecoin (LTC) will fall in price.
“At this point, ETH has not continued its rally. So we’re falling behind, which means if we don’t pick up the pace, I’m looking at $1,220 to $1,230.
The same is true for Litecoin. If Litecoin does not pick up speed, having clearly rejected the $76, and begins to fall even further, we are looking at a balance of $71 to $72.”
At the time of writing, Ethereum is worth $1,254 and Litecoin is worth $75.33.