Bitcoin (BTC) is leading the recovery in crypto markets today after the price rallied back above the $32,000 level. Sam Trabucco, a quantitative trader at Alameda Research, said the firm had purchased the dip in Bitcoin on July 20.
Trabucco said the sharp recovery in equity markets, fewer long liquidations in the crypto derivatives market and the possible end of FUD caused due to China mining ban and Grayscale unlocking could act as recovery catalysts that could boost the crypto rally further.
Daily cryptocurrency market performance. Source: Coin360
However, analyst and podcast host Nebraskan Gooner views the recovery in Bitcoin as a shorting opportunity. Veteran trader Peter Brandt also expects Bitcoin to witness another downturn before a change in trend.
The correction may open up opportunities for several new investors to enter the crypto markets.
JPMorgan director of asset and wealth management Mary Callahan Erdoes said in a recent interview with Bloomberg that several of the bank’s clients want to invest in Bitcoin