On Friday afternoon, Bitcoin price broke above $66k for the first time since June.
Considering less than 2 weeks ago, the BTC price was $53k, this is definitely big news for crypto traders.
It’s important to note that when Bitcoin is on a “green streak” like this, altcoins tend to perform well too. In other words, even if you are not a Bitcoin holder and you own other cryptos, you want BTC price to pump.
Bitcoin is experiencing a strong week, according to crypto analyst Michaël van de Poppe. He points out several factors contributing to the current rally. Poppe notes that Germany has finished its $3.5 billion Bitcoin selloff, removing a significant source of selling pressure from the market.
It's a good week for #Bitcoin.Germany has finished its $3.5B selloff.Mt. Gox already repaid 65% of its creditors.Institutional interest of more than $1B during the week on the ETF.Price has rallied substantially.I think we'll see a new ATH in the next 2-4 months.
— Michaël van de Poppe (@CryptoMichNL) July 19, 2024
Additionally, he highlights that Mt. Gox has already repaid 65% of its creditors, potentially easing some long-standing market concerns.
Van de Poppe also emphasizes the substantial institutional interest, with over $1 billion flowing into Bitcoin ETFs this week alone. Given these developments and the recent price surge, Poppe believes that Bitcoin could potentially reach a new all-time high within the next two to four months.
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However, new ATH can come much sooner than that if bulls continue to pump money into Bitcoin. In any case, this week’s recovery is nothing less than a positive news for crypto traders.
Read also: Analyst Warns Polygon (MATIC) Price is ‘Under Pressure’ – Here’s His Outlook
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