Amsterdam-based popular cryptocurrency analyst Michaël van de Poppe says Bitcoin (CRYPTO: BTC) will likely plummet if it fails to see buying support above a key price level. 

In a recent video presentation, Van de Poppe said, "The importance lies on the level at $16,750. It needs to hold there if it wants something. If we’re not going to be holding there, it’s going to be a relatively painful period for the markets." 

“We are probably looking at new lows if the markets will not jump above $16,700. And if you look at the altcoins, it clearly shows the same view,” he added. 

#Bitcoin is again at support, but not fancying longs too much at this point.

It needs to hold above $16.6K to avoid a puke to low $16K and to sustain upwards momentum.

In that regard, with the data today, I'd be looking at bit lower for longs towards $17K. pic.twitter.com/6VQvjR9IeX

— Michaël van de Poppe (@CryptoMichNL) January 6, 2023

Also Read: Crypto Trader Who Warned Bitcoin Would Break Under $30K, Now Predicts New 52-Week Low

Last year, when BTC touched the $30,000 price level, Van de Poppe said it could reach $31,800. 

At the time of writing, Bitcoin was trading at $16,941, up over 2% in the last seven days. 

Talking about Ethereum (CRYPTO: ETH), Van de Poppe says it could be heading to lower price targets.

“ETH has not been continuing the rally at this point. So we are falling here, which means that if we can’t pick up the pace, I’m looking at $1,220 to $1,230,” he said. 

At the time of writing, ETH was trading at $1,264, rising over 5% in the last seven days. 

Photo: Simple FX on flickr