A widely followed crypto analyst is warning that Bitcoin (BTC) could fall below $50,000 if it fails to hold a key support level.
Crypto trader Michaël van de Poppe tells his 723,000 followers on social media platform
“Bitco is undergoing an informal price correction on Thursday evening. With a crucial level of support. $56,000 lost [on the 12-hour chart] and we will likely see new lows or a retest at $48,000.”
Bitcoin is trading at $59,350 at the time of writing, which translates into a correction of almost 20% if BTC falls all the way to $48,000.
Then the analyst say the native assets of decentralized lending protocol Aave (AAVE) could soar if it can recover $135 in support, the upper end of a lasting range.
“I think DeFi (decentralized finance) will be one of the strongest players in the rest of 2024.
TVL (total value lock) ratios are high on ETH, especially when you combine this with market capitalization.
AAVE has performed strongly in recent weeks and will likely break out if $135 is broken.”
AAVE is trading at $114 at the time of writing, up 6.27% in the last 24 hours.
Finally, the analyst say If Ethereum (ETH) regains a key support level against Bitcoin (ETH/BTC), it would be a sign of bullishness for the smart contract platform and for the broader altcoin market.
“Ethereum looks unchanged. For me: It’s important to break 0.046 BTC and when that happens, the altcoins will start their party. Until then: patience.”
ETH/BTC is trading at 0.04413 BTC ($2,612) at the time of writing, down 1.34% in the past 24 hours.
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