Michael van de Poppe: Bitcoin has entered a correction phase

Bitcoin has begun a healthy correction after a parabolic rally to a new all-time high above $123,000 in July. According to renowned analyst Michael van de Poppe, this phase provides an excellent opportunity to accumulate before the next big rally.

It’s time to save positions for the next race, Van de Poppe wrote on his social media account.

At the time of writing the article Bitcoin was trading around $113,000, testing the key liquidity zone in the $114,000 to $115,000 range. Technical analysis suggests that the $110,000 to $112,000 levels could become a strong support zone and accumulation area if the price continues to decline.

The recent price action has seen short-term sources of liquidity shrink, suggesting that the market may be poised for a breakout once consolidation is complete.

Previous attempts to rise above $119,504 were rejected in the final weeks of July, making this level key to any upcoming bullish trend. A successful break of this level could lead to a renewed all-time high.

Van de Poppe believes that the correction could last until the beginning of August, but the month could still end “on a high note.”

Perhaps August is the month of stabilization. And at the end of the month, altcoins and Bitcoin will go up again,” he wrote.

If this stabilization phase plays out like previous cycles, the current pullback could be the last jolt before a full-scale rally resumes.

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