One widely followed crypto analyst says Bitcoin (BTC) needs to hold current price levels or face a precipitous drop.
Crypto trader Michaël van de Poppe tells his 717,100 followers on the social media platform X that BTC could potentially fall by $10,000 in value if current levels aren’t maintained.
“Bitcoin is at the range low. This is technically the area where you’d prefer to see it hold, so the upward momentum continues, and the range holds.
If this doesn’t hold, then we might expect $52,000-$55,000 as a potential low on this correction.”
BTC is trading for $61,966 at time of writing, up 5% on the week.
The analyst next breaks down AIOZ Network (AIOZ), a blockchain project seeking to embed itself at the intersection of Web3, AI, storage and streaming.
“This one looks very promising and is one of the strongest trending assets.
In-trend level to hold: $0.65-0.68.
If that’s lost, then the long-term investment region comes into play.
If we hold, I expect $1.35-1.45 might seem next.
Very strong one.”
AIOZ is trading for $0.853 at time of writing, up 10% on the day.
Van de Poppe also looks at the decentralized finance (DeFi) protocol Injective (INJ). Even though INJ has been down big since December, Van de Poppe says the altcoin has a lot of room to run.
“The hype has faded away, and it’s down 70% against Bitcoin.
A prime example of rotation.
Peaked in December ’23.
Bitcoin did a +70% since then, INJ a -40%.
Never marry your bag; rotate to Bitcoin to make more Bitcoin.
An attractive area for a long.”
INJ is worth $23.69 at time of writing.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Kiselev Andrey Valerevich
