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The sharp correction in Bitcoin (BTC) may have wiped many leveraged traders off the table, but the data shows whales and institutions aggressively bought the dip and now bulls have shown their determination to push the Bitcoin price back up $ 40,000. The total cryptocurrency market cap has also recovered and rallied back up $ 1 trillion.

Crypto market data daily view. Source: Coin360

Dan Morehead, founder and CEO of Pantera Capital, said he was behind his earlier forecast of $ 115,000 for Bitcoin in August this year. Morehead believes China’s digital yuan developments could boost cryptocurrency adoption and prove to be a bullish trigger.

Several altcoins have also turned positive and are following Bitcoin higher. Let’s examine the fundamental reasons for their rise to determine if there are any potential positive goals.