A widely followed crypto analyst is warning that Bitcoin (BTC) could hit new lows if it fails to hold one crucial level of support while updating his outlook on Ethereum (ETH).
In a new strategy session, crypto trader Michaël van de Poppe tells his 800,200 followers on the social media platform X that if the top crypto asset by market cap were to plunge below $115,000, it could see a significant dip in price.
“Bitcoin didn’t break entirely through the resistance here. Small corrective day, however, on the lower timeframes, it’s clear that Bitcoin is trending upwards again. Crucial area to hold at $115,000. If that’s lost, likely new lows.”
Van de Poppe goes even further and says that if the crypto king can hold the support zone, it will lead to a new all-time high (ATH) price.
“Phenomenal break upwards on the altcoin and Bitcoin markets. It’s still facing the next resistance, but the trend seems to be kicking back upwards. What is crucial to hold? $114,800 Hold that and we’ll be seeing a new ATH. Right on edge with the rates falling downwards.”
Bitcoin is trading for $116,497 at time of writing.
Moving on to the largest smart contract platform by volume, Van de Poppe says that the top altcoin appears ready to make a move toward the $4,000 price tag in the coming days.
“ETH is back to $3,900 and is likely going to attack that $4,000 resistance in the coming days. The markets are strong, volume is picking up, more volatility is coming in and the joy will be back.”
The trader goes on to note that he believes there is an opportunity in altcoins as they are currently being overlooked and will see massive gains in the next 2-4 months.
“I think that the altcoin markets are extremely mispriced… Almost all altcoins haven’t gotten back to their previous levels, which means that there’s still a massive opportunity that people overlook as they are too busy screaming on social media how bad the markets are.
