Van de Poppe expects Bitcoin correction to $78.000

Bitcoin rises 4.2% on Saturday to $81.300, putting it once again at the upper end of its current range. Analyst Michaël van de Poppe expects the price to first test its recent high, but then pull back. He sees the possible correction as a buying opportunity and targets a level around $78.000 to $79.000.

Bitcoin is available at OKX and Bybit.

In brief:

• Bitcoin rises to $81.300 and once again reaches the upper end of its current range.
• Van de Poppe expects a test of the recent high first, followed by a correction.
• He sees a pullback to $78.200 to $79.000 as an interesting entry point.

Bitcoin approaches upper end of range

The price of Bitcoin on Saturday once again reaches the upper end of the area within which the price has moved in recent weeks. Earlier, Bitcoin already broke through $80.000 after a series of short liquidations. The current 4.2% rise takes the price to $81.300.

The chart shared by Van de Poppe shows that Bitcoin is once again in the resistance zone. The price previously tested this level several times without breaking through it.

Van de Poppe expects temporary correction

Michaël van de Poppe outlines a scenario in which Bitcoin first tests its recent high and then enters a period of consolidation. He then expects a pullback in the Bitcoin price, possibly linked to a so-called liquidation cascade in the altcoin market, in which speculative positions financed with borrowed money are wiped out.

He regards that possible dip, towards $79.000 or even $78.200, as the level at which he would want to enter. Van de Poppe previously indicated that he sees Bitcoin moving towards $90.000 in the longer term. Whether the price will actually reach that zone before a further rise follows is uncertain. Van de Poppe presents his analysis as his main scenario, not as a certainty.