The popular crypto analyst is warning of a “troubled period” if the roadmap for Bitcoin (BTC) goes forward and if the support level drops.
He gave the bearish signals for Bitcoin
Popular crypto analyst Michaël van de Poppe says that if Bitcoin (BTC) fails to maintain a vital support level, it could hit a new low. In a new YouTube strategy session video, Van de Poppe tells his 163,000 YouTube subscribers that Bitcoin must see buying support to stay above $16,750, otherwise the largest asset is likely to drop. cryptocoin.com As we mentioned, Bitcoin is changing hands at $ 16,919. However, the analyst said in a statement:
“The significance lies in the $16,750 level. If he wants something, he obviously has to stop there. If we can’t hold there, it will be a relatively painful period for the markets… If the markets do not go above $16,700, we are probably looking at new lows. If you look at altcoins, it clearly shows the same view.”
Van de Poppe also says that Ethereum (ETH) and Litecoin (LTC) may be heading towards lower price targets. At the time of writing, Ethereum is trading at $1,254 and Litecoin at $75.33. The analyst said in a statement:
“ETH is not continuing to rally at this point. So we’re down here, if we can’t increase our pace, I’m looking at $1,220 to $1,230. The same goes for Litecoin. We’re looking at a balance between $71 and $72 if Litecoin isn’t picking up its pace, clearly rejecting $76 and starting to vomit even more.”
It can be a tough weekend
The popular crypto analyst warns Bitcoin (BTC) investors that the coming weekend may be tough. Michaël van de Poppe says to avoid overusing BTC as we enter the first weekend of the new year. “If Bitcoin stays above $16,600, we should be fine. It’s been a rough weekend with grayscale, tomorrow’s unemployment data and so on. I wouldn’t go crazy with leverage.” made his statements.
Van de Poppe then goes into more detail with a chart, suggesting that BTC should hold the $16,600 level to avoid a collapse. In his statement he said:
“Bitcoin is back in support, but not too daydreaming at this point. It needs to hold above $16,600 to prevent a drop below $16,000 and maintain the upside momentum. In that regard, with today’s data, I may be looking slightly lower towards $17,000 for long-term trades.”
Thank you very much, we're getting there for #Litecoin.
Probably later today time for longs. https://t.co/tmDXWBpfzG pic.twitter.com/icLkzrr0Ah
— Michaël van de Poppe (@CryptoMichNL) January 6, 2023
The analyst would then turn his attention to the leading smart contract platform Ethereum (ETH) and said that so far everything is going as planned. Finally, Van de Poppe is tearing down the payments-focused blockchain Litecoin (LTC). The analyst suggested that LTC is on its way to $72. Today he confirms his hypothesis.
“Thank you very much, we’re going there for Litecoin. It will probably be a long time later today.
The firm says “step carefully”
Crypto analytics platform Santiment is issuing an alert right after a moderate altcoin rally recorded over the past few days. Santiment says the recent increase in the number of positive terms on social media platforms could herald a reversal of the decline.
According to Santiment, euphoria and fear of missing out (FOMO) hit two-month highs. This is usually an indication that a local summit is coming. High levels of opposing emotion, fear, uncertainty and doubt often signal that a bottom has been reached, according to Santiment.
? This week's modest #crypto rally, particularly for #altcoins, has led to a spike in social media mentions of terms like #buy, #buying, #bottom, & #bullish. Historically, these positive terms are signs of euphoria & #FOMO. Tread carefully at this spot. https://t.co/QpQ6j5TviT pic.twitter.com/nxq0FYPbp0
— Santiment (@santimentfeed) January 5, 2023
Some of the altcoins that have risen since Sunday include Solana (SOL), which rose 43% from $9.83 to $14.07, and the decentralized autonomous organization (DAO) of liquid staking protocol Lido DAO (LDO) rose 49% to $1,951. It went up to $42. Santiment says whale interest has risen to a three-week high, with the second-largest crypto-asset by market capitalization in Ethereum (ETH) rising only slightly.
