- Bitcoin holds above $77K as analysts debate breakout strength versus correction risk.
- Michaël van de Poppe says Bitcoin weakness may not signal a deeper market crash.
- Nicholas Merten says Bitcoin reclaiming above $80K could support a rally toward $93K.
Bitcoin continued trading above the $77,000 level this week as market analysts debated whether the recent rebound signals the start of a broader breakout or another short-term recovery before renewed volatility. Traders remained focused on key resistance levels, while sentiment across the crypto market remained divided despite Bitcoin’s recent strength.
Crypto analyst Michaël van de Poppe argued that Bitcoin falling below $80,000 would not necessarily lead to a deeper market collapse. He stated that expectations for a major correction appeared excessive, even as the Nasdaq continued to recover from previous lows.
He compared current market conditions to historical periods such as 1928 and 1998, describing the present cycle as part of a broader “Crypto & AI Bubble” that could eventually peak alongside traditional financial markets.
Van de Poppe also pointed to historical market cycles, arguing that strong rebounds do not always require deep corrections before continuation. A long-term TradingView chart highlighted an upward price move followed by correction phases and consolidation ranges.
The chart additionally showed momentum indicators remaining high, while the Relative Strength Index suggested overheated territory.
Analysts Monitor Key Bitcoin Resistance Levels
Separate market commentary from crypto analyst and YouTube host Nicholas Merten focused on Bitcoin’s repeated tests of the $80,500 region. According to the analysis, Bitcoin moved above and below the level several times during recent sessions, with traders monitoring whether the asset could maintain weekly closes above it.
He noted that Bitcoin briefly fell below both the $80,500 level and the key psychological $80,000 mark before recovering. According to the analyst, the move likely triggered stop-loss orders clustered around major round-number support levels closely watched by traders.
The analyst said the recovery above key support levels could open the door for a short-term move toward $82,000 before another possible pullback. Despite near-term volatility expectations, the broader outlook remained bullish, with Bitcoin projected to reach around $93,000 in June or July if current support zones continue holding.
Related: Bitcoin is Ready For a Sustained Rally, But Spot Demand Must Show Support
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