Michaël van de Poppe, a renowned crypto analyst, has projected that Bitcoin (CRYPTO: BTC) 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.
#Bitcoin is printing a massive weekly candle.
— Michaël van de Poppe (@CryptoMichNL) August 8, 2024
If this closes above $57k, then it's very likely that we've seen the low of this correction. pic.twitter.com/JPzSzyCWb6
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.
Massive day yesterday as #Bitcoin broke above $60K and had close to $200 million in inflow in the asset!
— Michaël van de Poppe (@CryptoMichNL) August 9, 2024
Institutions are buying. pic.twitter.com/CEGTraCEnn
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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