Macroeconomist and author Lyn Alden has said that while sentiment for Bitcoin has been low in recent months, there are “not a lot of downside catalysts” for the asset left.
Speaking in a Thursday interview with CNBC, Alden said that the “fast money” has been washed out and market observers are not expecting Bitcoin treasury Strategy to sell anymore.
Alden’s comments come after Bitcoin shot up this week. The leading cryptocurrency was recently trading for $72,660 — a more than 6% 24-hour rise — after reaching $72,890 earlier on Thursday.
“By almost every metric, Bitcoin is near the low end of its valuation and sentiment range,” Alden said.
“Even relatively small upside gains at this point can attract new types of buyers — once people see that the chart doesn’t look bad anymore, you can get technical traders coming back in; if you get further momentum, say months from now, you could get more momentum traders back in.”
Bitcoin shot up following President Trump held a meeting at the White House with crypto executives and urged lawmakers to pass the long-anticipated crypto market structure bill, the Clarity Act.
The president said Wednesday that the Clarity Act was a “very, very powerful” piece of legislation and urged lawmakers to pass it.
Crypto industry companies have long been waiting for the crypto legislation. The Clarity Act was passed by the House of Representatives last year but has largely remained in deadlock this year. Some lawmakers were hoping for a vote in August but that will now go ahead in September.
Alden added that while Bitcoin isn’t necessarily “out of the woods yet,” hard assets like Bitcoin that are “under-owned” will come out winning over the long-run.
Bitcoin notched a record in October of $126,080 but has been in a bear market in 2026 as traders have increasingly pivoted to artificial intelligence-related tech stocks, and the Federal Reserve has hinted that interest rates will not come down anytime soon.