Michaël van de Poppe: Bitcoin must break $64K or test $59K

Analyst Michaël van de Poppe shares a clear view on the Bitcoin price: as long as the price is between $59.000 and $65.000. he sees little reason to take action. The price is currently at $61.300. a drop of 2.7% in the past 24 hours, placing it precisely in no-man’s land between two key levels.

Bitcoin is available at OKX and Bybit.

Two scenarios for a long position

Van de Poppe states that Bitcoin has bounced after hitting the lows, but almost immediately encountered resistance around $64.000, That makes the current zone unattractive for trading. Nevertheless, he is definitely looking at long positions, but only under specific conditions.

The first scenario is a decline towards $59.000, If the price hits that level and then bounces back, he sees that as a buy signal. The second scenario is a breakout above $64.000 to $65.000, If Bitcoin reclaims that area, it means, in his view, that the price has re-entered the old range, which is also a trigger for a long position. This ties in with earlier analyses of how the Bitcoin price remains trapped between $60.000 and $64.000.

Patience is the strategy

As long as neither of these two scenarios occurs, Van de Poppe deliberately chooses to wait. He indicates that the current position between the two ranges offers few trading opportunities and that his strategy simply leaves no room for impulsive decisions in this area.

On the chart he shares, the levels are clearly visible. The green zone around $59.073 marks the area where he expects a sweep of the lows, while $63.855 and $65.065 form the boundaries of the upper range. A successful retest of that latter zone, in his view, paves the way towards higher levels around $72.683. which would represent a potential increase of nearly 16% from the current level. Earlier, Van de Poppe warned of the possibility of a further decline towards $52K if support levels do not hold.