A popular crypto analyst explained at what level the Bitcoin (BTC) price should stay in order to prevent the price from falling further.
Prominent crypto strategist Michaël van de Poppe told his 165,000 subscribers in a new YouTube video that BTC needs to maintain the $19,300 level “to avoid a nuclear bomb.”
“Because if we lose the $19,300 level, there is a possibility that we may go below $18,500 for a short time and make new lows especially after the last candle, it will be difficult for us.
This is the last support, and if that support isn’t really holding or providing any support, we’re likely to nuke the bottom towards $17,500 to $18,500… and then we’ll look for new support there.”
Koinfinans.com As we reported, Van de Poppe added that Bitcoin will not make a big move until the US Federal Reserve meeting next week. With this expected development, he thinks investors will learn more about the direction of risky assets like crypto.
“There is a Fed meeting next week. I wouldn’t be surprised if we continue some sideways movement or consolidation until we get advice from the Fed.”
Bitcoin is trading at $19,831 at the time of writing, down 0.19% on the day, but down about 7% compared to last week.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.