According to 21Shares, long-term investors have returned to buying Bitcoin after the correction in March, and global liquidity (the amount of money circulating in the markets) has started to rise again. This could create a more favorable environment for a new wave of appreciation. The manager also highlights that, unlike other cycles, the market has reacted more maturely. Even after strong drops at the beginning of the year, the price of Bitcoin has remained at higher levels than before the elections in the US, which shows resilience. There have been no major waves of panic or mass selling, as in the past.

Another factor that reinforces the recovery thesis is Bitcoin's proximity to hitting a new record appreciation against the Nasdaq index, which includes the largest technology companies in the US. The relationship between the two is at 4.96, close to the record of 5.08, reached when BTC hit $109,000 in January.

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