Michael van de Poppe sees Bitcoin heading towards $90.000

Bitcoin shot up above $80.000 on Friday, after the price confirmed the $78.000 level as support. Analyst Michaël van de Poppe sees this as a strong signal and expects Bitcoin to clear the way towards $90.000. At the time of writing, the price stands at $80.700, a rise of 5.2% in the past 24 hours.

Bitcoin is available at OKX and Bybit.

In brief:

• Bitcoin rises 5.2% and trades around $80.695 after confirming $78.000 as a support level
• Analyst Michaël van de Poppe expects a further rise towards $90.000
• Van de Poppe indicates that on a pullback below $79.000 he wants to build a large position in Bitcoin

Bitcoin breaks through $78.000 as support

Bitcoin’s price showed a strong move on Friday. After the $78.000 level was converted from resistance to support, a rapid rise towards $81.000 followed. Earlier this week, Bitcoin also shot through $80.000 after a large wave of liquidations of short positions.

On Van de Poppe’s chart, a resistance zone around $80.000 to $82.000 and a support zone around $76.000 are clearly visible. The recent price movement up to $81.000 falls precisely in the upper resistance zone, which makes the situation technically tense.

Van de Poppe wants to buy on a pullback below $79.000

Michaël van de Poppe describes the current chart as particularly strong and expects the market to continue towards $90.000. That is not a certainty, but an expectation based on the technical structure of the price.

Should Bitcoin pull back after all, Van de Poppe sees a level below $79.000 as an interesting entry point. He indicates that he wants to build a large position there. Bitcoin already rose above the average cost price of short-term investors earlier this week, which analysts generally see as a positive sign. Bitcoin ETFs also attracted $159 million on 17 September, which points to sustained interest from institutional investors.