Bullish traders bought Bitcoin’s recent dip, possibly setting BTC on the way to a new all-time high.
Bitcoin’s (BTC) price has displayed a V-shaped recovery on the daily timeframe from its recent multi-month low below $50,000, leading analysts to believe that a sustained uptrend would see BTC hit new all-time highs.
“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,” MN Capital founder Michaël van de Poppe said in an Aug. 9 post on X.
In an earlier X post on Aug. 5, van de Poppe entertained the possibility of the recent crash to $49,577, defining the bottom for Bitcoin before it embarked on a V-shaped recovery back to pre-crash levels.
