A renowned analyst believes bitcoin has started a new bull cycle

He believes that bitcoin has not collapsed, as many people assumed, and was able to hold its position despite numerous negative factors.

At the same time, Michael van de Poppe warned market participants to be cautious and make sure that bitcoin stays above the important psychological level of $55,000 for a long time.

He noted that BlackRock is correct that bitcoin is a defense about the existing uncertainty, as it was with gold in the last century.

The expert also emphasized that the assassination attempt on former President Donald Trump is a vivid confirmation of this, and although the world order is constantly changing, bitcoin should be considered an asset worth investing in anyway.

According to Michael van de Poppe, although there has been a downturn in the market, volatility should not be considered excessive. According to him, market participants should be prepared for the fact that the industry will experience increased volatility for some time.