Bitcoin’s extended consolidation below $70,000 may be setting the stage for a larger move, according to MN Trading Capital founder Michael van de Poppe.
Van de Poppe stated:
“The longer it lasts, the heavier the breakout will be.”
No direction, but watching $71K
Bitcoin has been trading in a narrow band between $60,000 and $74,000 since hitting a yearly low of $60,000 on February 6.
At the time of publication, bitcoin was trading around $66,890, down roughly 8.25% over the past 30 days.
Van de Poppe said bitcoin is showing “literally no direction” and is watching for a break above $71,000, a level the asset hasn’t touched since March 26.
The Bitcoin Fear and Greed Index remained deep in “Extreme Fear” territory on Saturday, recording a score of just 11.
Bears still see downside risk
Not everyone shares van de Poppe’s optimism.
Crypto analyst Ted argued on X that $60,000 “wasn’t the bottom,” though he stopped short of predicting a 50% crash, instead calling for “one final capitulation before the bottom.”
Bitcoin analyst Willy Woo warned on March 30 there is a “very good chance we get a deeper bear due to a breakdown of the secular bull market in global macro.”
Veteran trader Peter Brandt told Cointelegraph he doesn’t expect bitcoin to reach a new all-time high in 2026, suggesting “not until maybe the second quarter of 2027.”
Sentiment remains cautious
The broader market backdrop remains subdued, with the monthly RSI and on-chain metrics reflecting a market still searching for a catalyst.
For now, bitcoin continues to compress in a tight range, and analysts on both sides of the debate are watching closely for the next decisive move.
