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Popular crypto analyst Michal van de Poppe says that Bitcoin (BTC) could hit 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 hold it above $16,750 or the king asset risks falling.
“The significance is at the $16,750 level. He clearly has to stick to it if he wants something. If we don’t hold on there, it’s going to be a relatively painful period for the markets…
We are likely eyeing new lows if the markets are not going to jump above $16,700. And if you look at altcoins, it clearly shows the same view.
At the time of writing, Bitcoin is changing hands at $16,834.
Van de Poppe also says that Ethereum (ETH) and Litecoin (LTC) could be heading towards lower price targets.
ETH has not continued the rally at this point. So here we fall, which means if we can’t pick up the pace, I’m looking at between $1,220 and $1,230.
The same goes for Litecoin. If Litecoin does not accelerate, which has clearly rejected $76, and begins to vomit even more, we are 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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