Bitcoin price must hold 200-week MA for bottom

While many analysts are claiming that Bitcoin is heading towards $40.000. Michaël van de Poppe (@CryptoMichNL) sees the situation differently. He expects more upward momentum for Bitcoin and views the recent modest recovery as a positive sign. The Bitcoin price currently stands at $63.600. a rise of 1.9% over the past 24 hours.

Bitcoin is available at OKX and Bybit.

200-Week MA as Crucial Support Level

According to Van de Poppe, the 200-week moving average (MA) is the key level to watch. As long as the Bitcoin price holds above this level, he considers it the bottom of the current correction. He argues that the market is then ready for a further rise.

The chart clearly shows Bitcoin currently trading around $63.000. with a green support zone between roughly $63.000 and $65.000, Below this zone lie older support levels at $60.400. an area that Van de Poppe describes as “old support to break back into, so it trades on the range again”.

Gap Towards $72.000 as Next Target

If Bitcoin manages to break above $65.000. Van de Poppe outlines a clear upward scenario. On the chart, he points to a gap that needs to be filled once a breakout above $65.000 occurs. That target sits around $72.683. a gain of more than 15.8% from the current level. Analysts who previously predicted a recovery towards a new local high above $67.000 align with this picture.

Despite the negative sentiment in the market, Van de Poppe is upbeat about the short upward move he is now seeing. He indicates that he expects much more momentum for Bitcoin, and is not swayed by the $40.000 narratives currently circulating in the crypto community.