Crypto analyst Michal van de Poppe says Bitcoin could be in for a “painful” time if this vital support level crashes – Bitcoin (BTC/USD), Ethereum (ETH/USD)

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Michal van de Poppes, a popular cryptocurrency analyst based in Amsterdam, says that Bitcoin BTC/USD will likely fall if he doesn’t see buy support above a key price level.

In a recent video presentation, Van de Poppe said: “The importance lies at the $16,750 level. He has to hold there if he wants anything. If he doesn’t hold there, it will be a relatively painful period for the steps. “

We are likely eyeing new lows if the markets do not jump above $16,700. And if you look at altcoins, it clearly shows the same view, he added.

Also Read:Crypto Trader Who Warned Bitcoin Will Drop Below $30,000, Now Predicts New 52-Week Low

Last year, when BTC reached the $30,000 price level, Van de Poppe said that it could reach $31,800.

As of this writing, Bitcoin is trading at $16,941, up over 2% in the past seven days.

Speaking of Ethereum ETH/USD, Van de Poppe says it might be heading for lower price targets.

ETH has not continued the rally at this point. So we fall here, which means if we can’t pick up the pace, I’m looking at $1,220 to $1,230, he said.

At the time of writing, ETH was trading at $1,264, rising over 5% in the past seven days.

Photo: Simple FX on flickr

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