A popular crypto analyst is outlining what level Bitcoin (BTC) needs to hold in order to avoid plunging further in price.
In a new YouTube video, top crypto strategist Michaël van de Poppe tells his 165,000 subscribers that BTC needs to hold around $19,300 “in order to avoid a nuke.”
“Because if we lose $19,300, the chances are that we’re going to… go briefly beneath $18,500 and make new lows, especially after the last candle, that’s going to be hard for us.
This is the final support, and if this support doesn’t really hold or provide any support at all, it is very likely that we’re going to nuke furthest downwards towards $17,500 to $18,500… and then we’re going to seek for a support there.”
Van de Poppe notes that Bitcoin will likely not make a major move until the U.S. Federal Reserve meeting next week when traders and investors will get more information on the direction of risk-on assets like Bitcoin and crypto.
“Next week is the Fed meeting. I will not be [surprised] if we just continue sliding a little bit or consolidating until we get the feel from the Fed.”
Bitcoin is trading at $20,044 at time of writing, flat on the day but down nearly 7% in the past week.