Analyst predicts bitcoin’s growth to a record high in September

Michael van de Poppe, a popular cryptocurrency analyst and founder of MN Trading, believes that bitcoin’s rapid recovery after the fall indicates that the asset is ready to conquer new heights.

The expert wrote on the social network X that bitcoin has pushed off the bottom of the current cycle and should now continue to grow. At the same time, one of the main drivers of growth may be institutional investors, who have significantly increased their purchases of BTC during the fall in the asset’s price.

Michael van de Poppe compared the recent correction of the first cryptocurrency to a «black swan» and emphasized that this event could launch the next rally of the flagship cryptocurrency to record prices.

«Bitcoin has really recovered extremely quickly. The fall, apparently, was caused by the sale of assets by Jump Trading. This can be compared to a black swan, but as long as bitcoin stays above $ 57,000, I think BTC will set new records in September and October,» van de Poppe wrote.

Earlier, Michael van de Poppe said that there are four factors that could cause the cryptocurrency market to recover from the recent downturn. These include: injections into spot bitcoin and ethereum funds (ETFs), deteriorating macroeconomic conditions, cryptocurrencies regaining key support levels, and the settlement of the case between the US Securities and Exchange Commission (SEC) and Ripple.