Macro strategist Lyn Alden says Bitcoin is now positioned to draw in a fresh wave of buyers now that speculative sellers have largely exited the market. Speaking in a CNBC interview on Thursday, Alden argued that “by almost every metric, Bitcoin is near the low end of its valuation and sentiment range,” a setup she believes leaves more room for upside than downside from current levels.
Alden's case rests on the idea that the market has already absorbed its most aggressive selling. She said there are “not a lot of downside catalysts” left for the asset, pointing out that the “fast money” — short-term speculative positioning that tends to amplify sell-offs — has already been flushed out. She also noted that forced selling tied to corporate treasury strategies, a recurring source of pressure earlier this year, is no longer expected to weigh on the market the way it did previously.
Looking ahead, Alden laid out a path for how demand could build in stages even without a dramatic catalyst: “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.”
The comments land alongside a broader risk-on move
Alden's remarks came as Bitcoin traded around $72,660, up roughly 6% over 24 hours, following President Trump's White House meeting with crypto executives and his public push for the Clarity Act. The rally has also fed into more bullish long-range calls elsewhere in the industry, including Coinbase's own projections for Bitcoin's price this decade, though Alden's comments were notably more measured, framed around near-term positioning rather than a specific price target.
Where this cycle differs from past bottoms
Alden's “fast money” framing lines up with data other analysts have been tracking. VanEck has said Bitcoin is flashing eight of twelve signals it associates with capitulation, but has stopped short of calling a bottom, noting that in the 2018 and 2022 cycles, sustainable recoveries only followed a much sharper and more complete flush of leveraged positioning than what has shown up so far this time. That's a meaningfully different setup from November 2018, when Bitcoin fell below $6,000 on record volume with RSI readings deep in oversold territory, or late 2022, when the price bottomed near $15,500 after a string of industry blowups.
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Alden was careful not to declare Bitcoin fully in the clear, saying the asset isn't “out of the woods yet.” But she maintained her longer-running thesis that underowned hard assets like Bitcoin tend to outperform over extended timeframes, framing the current setup as one where patient buyers are more likely to be rewarded than punished.
