Michael van de Poppe, cryptocurrency analyst, said that if this important support level collapses, Bitcoin may experience a "painful" period
Micha ë l van de Poppe, a popular cryptocurrency analyst based in Amsterdam, said that Bitcoin
Bitcoin/USD
+6.19%
If you do not see buying support above the key price level, it may fall sharply.
In a recent video presentation, Van de Poppe said, "The important thing is the level of $16750. If it wants anything, it needs to stay there. If we don't plan to stay there, it will be a relatively painful period for the market."
"If the market does not jump to more than $16700, we may be looking for a new low. If you look at the counterfeit currency, it will clearly show the same view," he added.
Last year, when BTC hit the price level of US $30000, Van de Poppe said that it might reach US $31800.
At the time of writing, the transaction price of Bitcoin was $16941, which has increased by more than 2% in the past seven days.
Talk about Ethereum
ETH/USD
+4.79%
Van de Poppe said that it might move towards a lower price target.
"At this time, ETH does not continue to rise. So we are falling, which means that if we cannot accelerate the pace, I expect the price will be between $1220 and $1230," he said.
At the time of writing, the trading price of ETH was US $1264, which has increased by more than 5% in the past 7 days.