Michaël van de Poppe, a renowned crypto analyst, has projected that Bitcoin BTC/USD will reach a new all-time high in the upcoming months.
What Happened: Van de Poppe is of the opinion that Bitcoin has already hit the bottom of this correction cycle. “If this closes above $57,000, then it's very likely that we've seen the low of this correction,” he said.
The analyst pointed out that institutional investors are heavily investing in Bitcoin at its current prices. He emphasized a significant day when the King Crypto surged past $60,000, attracting nearly $200 million in asset inflows. “Institutions are buying,” he said.
Van de Poppe likened Bitcoin's current correction to a black swan event, hinting it could spark the flagship crypto's next major rally to new all-time highs. “As long as Bitcoin holds above $57,500, I think we're in for a new ATH in September/October,” he forecasted.
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Why It Matters: The crypto market has seen a significant recovery since King Crypto briefly fell below $50,000 – Bitcoin has now bounced back above $60,000. This followed a sharp market rebound on August 8, 2024, where Bitcoin soared to $62,500, erasing losses from a steep plunge earlier in the week.
Despite the market’s recent downturn, Bitcoin whales have been quietly accumulating the cryptocurrency over the past month, moving nearly $23 billion worth of Bitcoin to "permanent holder addresses."
However, Bitcoin’s recent volatility ignited a fresh debate around its store of value narrative.
Price Action: At the time of writing, Bitcoin was trading at $60,331, down by 1.56% in the last 24 hours, according to Benzinga Pro data.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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