Michaël van de Poppe, founder of MN Trading and a prominent market analyst, posted on X today, November 2, outlining critical price levels for Bitcoin after its recent movement. He stated, "The high is tapped on #Bitcoin. That brings it to the most interesting part, will the markets find a higher low and turn back upwards again or are we going to crash into those lows? In order to find an answer to that, you'd preferably want to look at which level should hold. I think that $77,200-77,500 is the zone that I'd preferably want to see hold. If that's lost, we're all back to bidding into the $75,000 lows. However, if $78,900 breaks, things can go really, really fast."
Bitcoin is currently trading at $78,081, reflecting a 0.1% increase over the last 24 hours. The cryptocurrency market has seen recent volatility, with Bitcoin spot ETFs recording a $643 million outflow following a Binance security breach. Despite these challenges, analysis by PlanB suggests a new Bitcoin bull market is underway, while David Gokhshtein recently warned against freezing Satoshi's Bitcoin holdings.
Van de Poppe's analysis implies that Bitcoin's short-term trajectory hinges on its ability to maintain the $77,200-$77,500 support zone. A failure to hold this level, in his view, would open the possibility of a decline toward the $75,000 lows. Conversely, he suggests a break above $78,900 could trigger a rapid upward price movement.
