A widely followed crypto analyst says Bitcoin (BTC) will soon crawl back to life from the depths to reach new heights.
Crypto trader Michaël van de Poppe tells his 722,100 followers on the social media platform X that he has reason to believe that BTC has already made it through this correction cycle’s low.
“Bitcoin is printing a massive weekly candle.
If this closes above $57,000, then it’s very likely that we’ve seen the low of this correction.”
According to Van de Poppe, institutional investors are pouring major capital into BTC at current prices.
“Massive day yesterday as Bitcoin broke above $60,000 and had close to $200 million in inflow in the asset!
Institutions are buying.”
With these factors in mind, the analyst suggests that BTC’s current correction is similar to a black swan event that will kick off the flagship crypto’s next big rally to new all-time highs (ATHs).
“Bitcoin did provide a V-Shape recovery, through which this correction and crash due to Jump Trading selling crypto assets is comparable to COVID-19 –> A Black Swan.
As long as Bitcoin holds above $57,500, I think we’re in for a new ATH in September/October.”
BTC is worth $59,910 at time of writing, down 5.5% in the last week.