Bitcoin Bounces Back After Strategy’s Big Sell-Off — But Should You Trust the $70K Call?
Bitcoin climbed 2.7% after Strategy's $216M sale, and one trader says $70K is two weeks away. Here's what that actually means for your holdings.
Bitcoin has clawed back nearly 2.7% today, pushing above last week’s high just days after Michael Saylor’s company, Strategy, sold $216 million worth of BTC. That recovery has one well-known trader, Michael van de Poppe, calling for a run toward $70,000 within the next two weeks — but before you get too excited, here’s what’s actually behind that call, and why it’s worth taking with a grain of salt.
What’s actually happening with the price
As of now, Bitcoin is trading around $64,410, sitting just below a key resistance level at $65,543. According to van de Poppe, the bounce shows the market gaining strength rather than losing it, despite this week’s high-profile sale from Strategy.
“There’s more strength coming in on BTC. That’s a great move, and I don’t expect to see the markets falling here,” van de Poppe said. His reasoning: Bitcoin has bounced off a recent descending trendline on the daily chart and is trying to reclaim its 100-day moving average while holding above support around $60,876.
If buyers keep the upper hand, van de Poppe’s next target is the $65,500 to $66,000 zone, with a possible push toward $70,000 over the following one to two weeks. That’s the headline number making the rounds — but it’s one trader’s read of the charts, not a guarantee.
The signals behind the optimism
Van de Poppe isn’t the only one flagging a possible move. Another analyst known as That Martini Guy pointed out that Bitcoin’s Bollinger Bands — a tool that measures how much a price is swinging around — have started tightening again after roughly a week of sideways trading. Historically, quieter periods like this are often followed by a sharper price move in either direction. According to that analyst, the key job for Bitcoin right now is turning $64,000 into solid support before it can challenge $65,543 and aim higher.
There’s also on-chain data backing up the case for buyers. CryptoQuant analyst Axel Adler Jr. tracks something called the Short-Term Holder Realized Pressure Model, which essentially measures whether recent buyers are selling in panic or holding on. Adler found that during the recent dip toward $62,000-$63,000, buying pressure actually moved ahead of selling pressure — roughly 30% buying versus 22% selling. In plain terms, that suggests people who bought Bitcoin recently are choosing to hold rather than dump, which historically supports the price rather than dragging it down.
Why this matters for everyday holders
If you’re holding Bitcoin, the takeaway isn’t “buy now because $70K is coming.” It’s that the market has absorbed a fairly large sale from one of its biggest corporate holders without falling apart, and on-chain data suggests short-term buyers aren’t panicking. That’s a reasonable, if modest, sign of resilience.
But price targets from individual traders, even respected ones, are forecasts, not facts. Bitcoin has a long history of blowing past both bullish and bearish predictions in either direction, often within days. Treat the $70,000 call as one voice in a noisy market, not a countdown clock, and remember that resistance levels like $65,543 have to actually be broken and held before any bigger move becomes likely.
Read more: Michael Saylor’s Company Just Sold Bitcoin — Here’s Why That’s a Big Deal
