Bitcoin Could Attract More Buyers As Fast Money Is Washed Out, Says Lyn Alden

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.