Market Expert Sets Next Bitcoin Target After Rejecting $71,000

Cryptocurrency trading expert Michaël van de Poppe believes that Bitcoin (BTC) is doomed to another correction after failing to breach the $71,000 resistance level.

In a June 11 X article, Poppe identified several critical price levels and areas of interest that investors should watch. He highlighted that Bitcoin is likely to test the support range between $64,000 and $65,000.

According to the analysis, this range is crucial as it could provide a strong base for Bitcoin price to stabilize before attempting another upward move. If price falls below this immediate support, Poppe indicates a significant demand zone of $54,000 to $56,000.

This area is seen as a key level where buyers will likely step in, providing substantial support to avoid further declines. On the positive side, Bitcoin needs to break through several resistance levels, with the main resistance now set at $71,000.

Bitcoin price analysis chart. Source: TradingView/Michaël Poppe

Successfully overcoming this hurdle could pave the way for Bitcoin to retest its previous highs and potentially aim for new all-time highs.

Impact of CPI data

The analyst added that the upcoming Federal Open Market Committee (FOMC) meeting and the release of Consumer Price Index (CPI) data are critical events that could influence Bitcoin’s price action. He predicts that these events could trigger increased volatility in the market, potentially leading to the next significant price action.

“Bitcoin continues to decline after rejecting the $71,000 zone. We expect we will see tests at $64-65,000 before markets return to the upside due to the upcoming FOMC meeting and CPI data,” he said.

The chart shows a consistent volume trend, indicating stable trading activity. However, an increase in volume will be necessary to support a sustained uptrend.

On the other hand, crypto analyst Ali Martinez pointed out that Bitcoin was trading in a well-defined parallel channel. According to Martinez, when Bitcoin trades in such a pattern, one should buy Bitcoin at the lower limit and sell at the middle or upper limit.

In this case, Bitcoin’s lower boundary is around $67,000, which is a strong support level where buying opportunities are highlighted. The median limit is around $69,000, a midpoint for partial profit-taking. The upper limit is near $71,000, which is identified as the resistance level at which it is recommended to sell or take profits.

Bitcoin price analysis chart. Source: TradingView/Ali_Charts

It should be noted that Bitcoin has attempted to break away from the consolidation phase that has characterized the asset in recent days. The decline follows outflows of $64.9 million from spot Bitcoin exchange-traded funds (ETFs) in the United States. This is the first loss since at least May 23.

Bitcoin Price Analysis

Bitcoin was trading at $67,210 at press time, having plunged more than 3% in the past 24 hours. On the weekly chart, Bitcoin is down 2.5%.

Seven-day Bitcoin price chart. Source: Finbold

Overall, while bears appear to be taking charge of Bitcoin over the past 24 hours, the focus is on Bitcoin to maintain its price above $65,000 as a fall below that level would open up the path to further losses.

Disclaimer: The content of this site should not be considered investment advice. The investment is speculative. When you invest, your capital is at risk.