Sixty thousand is just the beginning; within two years you will see twenty thousand Bitcoin.
This sounds frightening, but you can follow the logic through.
First, the liquidity feast has completely ended. For the past fifteen years, every bull market of Bitcoin has been riding on the nodes of the dollar's massive liquidity. Now, the Federal Reserve's balance sheet reduction has not stopped, and interest rate cuts? Whether we will see them next year is still a question mark. Zero-yield assets in this environment are like a dull knife cutting flesh.
Secondly, the ETF card has been played out. Institutions that wanted to enter have already done so; Grayscale is selling every day, and BlackRock hasn't really increased its holdings. That hundreds of trillions in wealth management funds you are waiting for? They prefer to buy government bonds for a 5% return; why would they come to buy something with no interest?
Then there is the most critical issue: the halving has become ineffective. In April this year, during the fourth halving, the coin price was still three thousand lower than on the halving day. The narrative that occurs once every four years has finally been exposed; the next one won't be until 2028—how will you keep people here for the more than three years until then?
Furthermore, there is a layer many people haven't thought through: this bull market has no new users. The inscriptions were hot for a moment, then cooled down; RGB isn't being used much. The on-chain daily active users are even lower than in 2017; it's all old players trading. An asset that has risen for fifteen years has finally found that there are no new believers entering the market.
Twenty thousand is not a desperate measure. The bottom of the last bear market was sixteen thousand; this round has a larger capital scale, higher leverage, and more people exiting, so the bottom won't be raised much.
Twenty thousand dollars for Bitcoin doesn't mean going to zero; it just means cleaning out the bubbles of the past four years.
By that time, when you look back, sixty thousand will still be halfway up the mountain.
$BTC #btc70k #BTC☀️