The $60k Floor

As the markets keep preparing for lower, Bitcoin keeps holding the floor.

Gm friends, and welcome back to another edition of Syko Therapy!

After 5 months of ranging, Bitcoin continues to respect our 60k bottom call level with a high level of precision, and we just had a very nicely 1W and 2W close across the wider market. Even after the failed breakout above $74,000, and the vast liquidations that came after losing that level again, $60,000 has continued to hold on all high-time frame levels. As time passes its getting quite difficult to understand what would now cause a deep retrace below that level, beyond a flush like we had for FTX in 2022, and the technicals and on-chain metrics are continuing to point towards $60k being a strong low.

In addition, what we are starting to see is a very high level of arrogance from market participants that believe we are going lower. It’s reached the point where any kind of discussion around the macro low being in is met with a large amount of disrespect. This alone doesn’t mean that prices wont fall lower, but it is always very interesting observing the sentiment like this as Bitcoin continues to hold $60,000.

Macro tops and macro bottoms are marked by the relative emotions of those periods. The tops are full of extremely cocksure bulls and the bottoms full of cocksure bears. It’s exactly why retail buy the tops and sell the bottoms. Which is the exact opposite of how, as an investor, you should operate at those periods. “Observe the masses and do the opposite” is one of the best phrases within investing, and there is very good reason for that.

It is my view that we are really getting close to final part of this bear cycle and the reversion to higher prices is a lot closer than most think. Today, I will update things across the board and dig into what the data shows us is going to unfold for altcoins for the rest of this year.

Let’s get into it!