The recent bullish momentum of Bitcoin near $60,000 comes just after dropping nearly to $51,000 a week prior. The upward price action comes in part amid bullish news on Visa and PayPal entering the world of crypto payments. In response to this, crypto analyst, Michaël van de Poppe notes that the latest bull run could further drive the price of the cryptocurrency to $73,000 next.
Bitcoin’s (BTC) recent upward moves are in part to this week's news on Visa and PayPal entering into the world of cryptocurrency payments.
Earlier this week, Visa announced that it is settling USDC transactions through the Ethereum blockchain. The same week, online payment giant, PayPal confirmed that their users can now officially send cryptocurrency payments to merchants.
Amid the BTC-positive news, the cryptocurrency market is in the middle of a bull cycle, says Michaël van de Poppe. Even a correction at this point in time is only beneficial over the long term, according to him.
In fact, BTC's current price action is at par with many of the record-breaking highs that took place since the beginning of the year.
He points out that Bitcoin's current higher "low" is somewhere between $49,500-$51,000, owing to the massive price highs. Previously, the cryptocurrency's higher low sat around $42,000.
Since Bitcoin’s lows are only getting higher, van de Poppe believes that new highs are in the pipeline.
In fact, $73,000 and $92,000 would become the next points of interest if BTC's price breaks above the current all-time high at around $61,000, according to him.
Bitcoin’s market dominance will also play a key role in determining the price of the cryptocurrency over the longer term. Given if the dominance drops below 60%, the analyst predicts a sharp drop could occur towards 50%.
However, that’s not unlikely to happen as summers have been often very bullish for altcoins. In fact, the 2020 summer had big rallies similar to that during 2017.