Van de Poppe sees Bitcoin repeat of 2022 breakout

Michaël van de Poppe sees a striking resemblance between the current Bitcoin price movement and the breakout of late 2022. After a period of consolidation and a dip to the lows, a large weekly candle now follows, just like back then. Van de Poppe expects Bitcoin to move toward $83.000, but advises taking profit there and waiting for a correction. Bitcoin currently stands at $77.500, up 6.5% in the past 24 hours.

Bitcoin is available at OKX and Bybit.

In brief:

• Van de Poppe compares the current Bitcoin movement with the 2022 breakout.
• He expects a rise to $83.000 followed by a test of the 50-week moving average.
• He also sees opportunities in altcoins after the sharp declines of recent months.

A repeat of the 2022 breakout

On Friday, Van de Poppe shared a weekly chart of Bitcoin on X, in which he points to the similarity between now and late 2022. In both cases, a large weekly gain was preceded by a period of sideways movement and a sweep of the lows, during which the price briefly drops below a support level before recovering strongly.

Earlier, Van de Poppe already pointed to entry opportunities below $74.200, a level that is now far behind us. The rise of more than 25% in five days has brought Bitcoin back into a technically interesting zone.

Resistance at $83.000 and the 50-week average

According to Van de Poppe, Bitcoin will not move straight through to higher levels in a single move. He expects the price to first test the previous top around $83.000. A breakout above that level would confirm to him that the bear market is over.

Shortly after that, he expects a test of the 50-week moving average. At both levels, he advises taking profit and waiting for a slight correction before a next upward move becomes possible. The road to $80.000 puts billions in short positions at risk, which could cause extra volatility.

Van de Poppe positive on altcoins

In addition to his Bitcoin analysis, Van de Poppe notes that altcoins have fallen sharply in recent months. It is precisely those corrections, combined with changing macroeconomic conditions, that make it attractive to hold altcoins, in his view.

The broader market is also showing recovery. For instance, XRP rose 41% this week, making it the best-performing coin in the top five. There was also a recent inflow of $606 million into Bitcoin ETFs on 20 August, pointing to sustained institutional interest.