Critical Warnings for Bitcoin
Popular crypto analyst Michaël van de Poppe is outlining an important roadmap for Bitcoin (BTC) and warning of a “difficult period” if it falls below its support level.
Bitcoin is Showing Signs of Decline
Van de Poppe stated that if Bitcoin (BTC) cannot maintain a vital support level, it could reach a new low. In a YouTube strategy session, he expressed to his 163,000 followers that Bitcoin needs to stay above $16,750, otherwise, the largest crypto asset’s chances of declining will increase.
Currently, Bitcoin is trading at $16,919. The analyst said, “The important level is at $16,750. Bitcoin needs to stay there. If we cannot maintain this level, a tough period will begin for the markets. If we cannot break above $16,700, we will likely encounter new lows.”
Van de Poppe also pointed out that altcoins such as Ethereum (ETH) and Litecoin (LTC) could also target lower price levels. At the time of writing, Ethereum is trading at $1,254, and Litecoin at $75.33. The analyst commented: “ETH is not rallying at this stage. If we cannot gain momentum here, I expect a drop between $1,220 and $1,230. A similar situation applies to Litecoin; if it cannot surpass $76, we will find a balance between $71 and $72.”
A Difficult Weekend is Expected
Van de Poppe warns Bitcoin (BTC) investors that the upcoming weekend may be challenging. As the first weekend of the new year approaches, he emphasizes that they should avoid excessive trading of BTC. “If Bitcoin stays above $16,600, that is a good sign. However, we are facing a tough weekend due to unemployment data and similar factors that will be announced tomorrow,” he says.
The analyst states that Bitcoin needs to maintain the $16,600 level to prevent a collapse and adds, “At this point, we should not be overly optimistic. It must stay above $16,600 to prevent falling below $16,000 and to sustain upward momentum.”
Assessments on Ethereum and Litecoin
Another topic that caught Van de Poppe’s attention is Ethereum (ETH). He mentions that everything has gone according to plan so far. Additionally, he expresses that he expects Litecoin (LTC) to move towards $72. “Thank you very much, we are heading there for Litecoin. It will likely take a long time later today,” he shares his expectations.
Warning to Be Cautious
The crypto analytics platform Santiment sends out a warning following a moderate altcoin rally recorded in recent days. Santiment suggests that the increase in positive comments on social media platforms may indicate a reversal of the decline. They note that emotions such as euphoria and fear of missing out (FOMO) have reached their highest levels in two months. This situation often heralds a local peak.
The high levels of contrasting sentiment, such as fear, uncertainty, and doubt, usually indicate that a bottom has been reached. Among the altcoins that have risen since Sunday, Solana (SOL) stands out with a 43% increase, rising from $9.83 to $14.07, and Lido DAO (LDO) with a 49% increase, rising from $0.951 to $1.42.
Finally, Santiment emphasizes that whale interest in Ethereum (ETH), the second-largest crypto asset by market capitalization, has reached its highest level in three weeks.
