While Bitcoin and altcoins suffered huge losses as a result of consecutive blows, BTC, which rose to over $70,000 at the beginning of the week, fell to $62,300 on the last day of the week.
While the declines in BTC and altcoins unsettled investors, successful analyst Michael van de Poppe announced the critical levels that should be protected for Bitcoin and Ethereum.
If Ethereum Falls, So Does Bitcoin!
In his analysis on X, Poppe stated that Ethereum currently maintains a critical support level ($3,160, according to the chart he shared).
According to the analyst, if ETH fails to maintain this support level, there will be a major correction and Bitcoin may test $ 60,000, and ETH may fall below $ 2,800 during this major correction.
Warning investors about a possible major correction, the analyst said that if ETH maintains its support and rises, this could be a signal of a significant rally.
Bitcoin Needs to Protect $60 Thousand!
Poppe also said that Bitcoin should remain above $60,000 – $61,000 for the rise.
According to the analyst, if BTC manages to maintain these levels, we will then see a continuation towards the all-time high.
Poppe, who expects the momentum in the crypto market to change upwards as of mid-August, said that he expects a new ATH in September and October.
“Ethereum is holding the critical support area.
If this is lost, Bitcoin will likely test $60,000 and Ethereum will test below $2,800 as the last major correction.
If this doesn't happen and it continues to rise from here, it's party time for BTC and ETH.
Bitcoin also needs to stay above $60,000 – $61,000, and if it maintains these levels, then we will see a continuation towards the all-time high.
Historically, August and September are bad, but I expect the momentum to start shifting from mid-August.
New ATH in September/October.”
*This is not investment advice.