Van de Poppe sees entry opportunities below $74.200 for Bitcoin

Bitcoin rose sharply in recent days and briefly touched $79.500, but analyst Michaël van de Poppe expects the price to pull back first before a new attempt towards $80.000 follows. He points to two entry levels for those who want to profit from a possible correction: below $74.200 for a short-term trade and below $71.100 for a position with more potential. Bitcoin is currently at $77.000, up 7.2% in the past 24 hours.

Bitcoin is available at OKX and Bybit.

In short:

• Van de Poppe expects a relatively strong correction due to the high volatility
• He is looking at two entry levels: below $74.200 and below $71.100
• He does not consider a break above $80.000 likely for now, due to resistance at $81.500 and $83.000

High volatility makes correction likely

Van de Poppe states that the Bitcoin price looks good, but that he will not enter immediately at current levels. According to him, the rule of thumb is that strong corrections occur precisely when volatility is high, as is currently the case.

Bitcoin rose to $79.500 earlier this week, but then fell back. Van de Poppe sees that as a signal that the market needs to let off steam before a next upward move can follow.

Two levels to keep an eye on

The first level Van de Poppe mentions is below $74.200. He sees that as a possible entry for a short-term trade towards the recent highs. The second level, below $71.100, he considers more suitable for those who want to take a longer position.

The analyst indicates that he does not expect a direct break above $80.000. On the higher timeframes, there is resistance at $83.000 and the 50-week moving average is at $81.500. Together, those two levels make a quick upward break unlikely, according to him.

Volatility offers opportunities for traders

Despite his caution about a direct break, Van de Poppe is positive about the coming period. According to him, the high volatility provides plenty of trading opportunities, even if the price moves lower first.

Bitcoin rose roughly 25% over the past five days towards a crucial resistance level. In the coming days, it will become clear whether the market has enough strength to break through that resistance, or whether the correction to lower levels expected by Van de Poppe will present itself first.