- Bitcoin recovers weekend’s losses on Monday
- eToro’s Mati Greenspan bullish toward the cryptocurrency
- Overall mood positive after institutional investors show interest
On Monday, Bitcoin reclaimed the 3% it lost during the weekend. It is once again trading at above $7,700, bringing the weekly gain to over 16%.
In a matter of 24 hours, the cryptocurrency managed to break through three resistance levels, and it is not significantly overbought yet. This could be an indication that Bitcoin will remain in a bull phase for quite some time and that June merely served as a consolidation period.
At least one analyst, eToro’s Mati Greenspan, is strongly positive toward Bitcoin’s performance right now. In a tweet he shared earlier on Monday, the eToro Senior Analyst stated that Bitcoin might be on the verge of its strongest bull run in history.
His comments came after various other analysts have also recently expressed faith in the cryptocurrency’s performance.
Last week, for example, Digital Currency Group CEO Barry Silbert stated that Bitcoin had reached its lowest point for the year. He was referring to the drop below $6,000 that took place last month.
Other analysts, including Bitmex’s Arthur Hayes, are convinced that Bitcoin will take another dip soon, but that it will still finish the year higher.
Over the last two weeks, more than one institutional investor has started to adopt a more positive stance toward investing in cryptocurrencies. One of them is BlackRock Inc’s Steven Cohen. This changing sentiment has boosted morale among retail traders.
Many experts, however, feel that a lot more institutional money will have to flow into cryptocurrencies. One of them is Capco’s Romal Almazo, who said that any signs of major players entering the crypto market will cause massive waves.