Michael van de Poppe wrote on the social network X that it seems that Bitcoin has bounced off the “bottom” of the current cycle and should now continue to grow. At the same time, one of the main drivers of growth could be institutional investors, who significantly increased their BTC purchases during the asset’s price decline.
The analyst compared the recent correction of the leading cryptocurrency to a “black swan” and emphasized that this event could mark the beginning of the next rally of the flagship cryptocurrency to record prices.
“Bitcoin has really recovered very quickly. The fall was apparently caused by the sell-off of assets by Jump Trading. It can be compared to a “black swan”, but as long as Bitcoin holds above $57,000, I think new records will be set by BTC in September and October,” writes van de Popp.
It should be noted that at the time of publication, the first cryptocurrency is trading at $60,500. Earlier, van de Popp said that Bitcoin is just beginning its new cycle on the market.
Source: Bits
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