Bitcoin could revisit $60,000 if the key $75,000 to $76,000 support zone breaks down, an analyst says.
- Adam Back said the “efficient market” is finally catching up with memecoins and altcoins, urging investors to “buy bitcoin, hodl, repeat.”
- Back argued that many speculative crypto tokens could eventually be priced “at $0” under the Efficient Market Hypothesis.
- Jordi Visser said Bitcoin could break out “before the end of summertime” if Dogecoin, gold, and silver continue rising together.
Adam Back said on Sunday that the “efficient market” was coming for memecoins, smart-contract coins, and “air tokens,” as the Blockstream CEO argued that speculative crypto sectors were increasingly losing ground to Bitcoin (BTC).
“Buy bitcoin, hodl, repeat,” Back, the inventor of Hashcash, a proof-of-work system that influenced Bitcoin’s design, wrote, while separately adding that “hyperbitcoinization is nigh.” His comments followed an earlier post on Saturday in which he argued that the Efficient Market Hypothesis (EMH) should eventually price many alternative crypto tokens “at $0.”
Back, a long-term supporter of Bitcoin, has repeatedly criticized memecoins for relying more on speculation than long-term utility or monetary value, and has labeled them as “shitcoins.”
Bitcoin’s price was up over 3% during the past 24 hours. On Stocktwits, the retail sentiment around BTC moved to ‘bearish’ from ‘extremely bearish’ while chatter stayed in the ‘normal’ levels over the past day.
Dogecoin Rally Amidst Bitcoin Narrative
Back’s comments came as speculative crypto assets like Dogecoin (DOGE) moved higher alongside Bitcoin on Sunday.
That larger market scene was also highlighted by veteran investor Jordi Visser, who argued in an interview with Anthony Pompliano, founder of Professional Capital Management, that Bitcoin could break out “before the end of summertime” if Dogecoin, gold, and silver continue to rise together.
Visser described Dogecoin as a gauge for speculative liquidity returning to markets, while strength in gold and silver reflected deeper macro stress building across traditional financial assets.
Dogecoin’s price was also rallying over 3% during the past 24 hours. On Stocktwits, the retail sentiment around DOGE remained in the ‘extremely bearish’ zone while chatter stayed in the ‘low’ levels over the past day.
However, the recent rally across Bitcoin and memecoins has not fully removed ‘bearish’ concerns among analysts.
MNF Fund Founder and popular analyst Michaël van de Poppe continues to watch the $75,000 to $76,000 range as a critical support zone for Bitcoin, warning that a breakdown below those levels could push BTC toward $60,000 before any broader breakout develops.
Read also: McKinsey Reports: For Every $1,000 In USDC, Banks Lose $850 In Funding
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