Bitcoin (BTC) Could Fall Below $50,000 If It Fails to Maintain a Key Support Level, Analyst Warns

Cryptocurrency trader Michaël van de Poppe tells his 723,000 followers on social media platform X that Bitcoin could experience a serious drop

A closely followed crypto analyst is warning that Bitcoin (BTC) could slide below $50,000 if it fails to maintain a key support level. Cryptocurrency trader Michaël van de Poppe tells his 723,000 followers on social media platform X that Bitcoin could experience a serious drop if its current support level is broken. Van de Poppe shared comments for Bitcoin and altcoins on Thursday. Van de Poppe states that Bitcoin is maintaining a critical support level following the price correction that occurred on Thursday evening. However, he says that if this level is broken, new lows could be seen or the price could retest $48,000. “Bitcoin is experiencing a typical price correction on Thursday evening. It is maintaining a critical support level. However, if $56,000 is lost on the 12-hour chart, we will most likely see new lows or a retest of $48,000,” van de Poppe adds. Bitcoin is trading at $59,350 at the time of writing, which would indicate a correction of around 20% if BTC were to fall to $48,000. This is a major concern for Bitcoin investors and is creating uncertainty in the markets. In another analysis, van de Poppe notes that decentralized lending protocol Aave (AAVE) could see a huge rally if it regains the $135 support level. AAVE stands out as a crypto asset that has been performing strongly in recent weeks and could continue its rise if this critical level is breached. Van de Poppe says: “I think decentralized finance (DeFi) will be one of the strongest performing areas for the rest of 2024. TVL (total value locked) rates are high on ETH, especially when you combine this with market cap. AAVE has been performing strongly in recent weeks and is likely to continue its rise if it breaks $135.” At the time of writing, AAVE is trading at $114, and has gained 6.27% in the last 24 hours. If AAVE breaks the critical $135 level, analysts predict that the asset could rise even higher in the market. This could increase interest in DeFi projects and create new momentum in the sector. Finally, van de Poppe notes that if Ethereum (ETH) regains a critical support level against Bitcoin (ETH/BTC), it would be a positive signal for the smart contract platform and the altcoin market in general. If Ethereum breaks this level, it could be an indication that a “party” is about to begin in the altcoin market. “Ethereum’s situation has not changed. In my opinion, breaking the 0.046 BTC level is important. If this happens, it’s party time for altcoins. Until then, patience is needed,” van de Poppe says. ETH/BTC is trading at 0.04413 BTC ($2,612) at the time of writing, down 1.34% in the last 24 hours. A break above these levels could trigger a major movement in the altcoin market and draw investors’ attention to altcoins. To stay up-to-date with the breaking news, follow us on Twitter, Facebook, and Instagram. Join our Telegram and YouTube channels for more updates

The above is the detailed content of Bitcoin (BTC) Could Fall Below $50,000 If It Fails to Maintain a Key Support Level, Analyst Warns. For more information, please follow other related articles on the PHP Chinese website!