Van de Poppe Sees No 'Deep' Correction in Bitcoin Price

A recent Bitcoin price slump to $79,000 has sparked discussions about a possible correction in the market. However, analyst Michael van de Poppe remains bullish on the long-term trajectory of BTC's price.

Van de Poppe notes that he does not expect any 'deep' correction in the asset's price and sees the current consolidation as a healthy trading cycle. He suggests that if Bitcoin drops below $74,000, it could offer a buying opportunity for traders.

The analyst also highlights key technical levels to watch, including the $82,850 resistance level. If BTC can breach this level, it could continue its run towards the north. On the other hand, a fall below $75,545 or $73,674 support might trigger a drop to $71k or about $70k next.

In addition to technical levels, investors are also keeping close track of upcoming macro events, including the US CPI and PPI data this week. A hotter-than-expected inflation reading could force the US Fed to move with a 25 bps rate hike plan, which could significantly impact risk-on assets like Bitcoin price.