Is $60,000 Bitcoin Gone Forever? Nansen CEO Alex Svanevik Says Yes

Bitcoin bounced off $58,000 earlier this year, and Nansen CEO Alex Svanevik said at the time it would never trade below $60,000 again. With Bitcoin now at $86,090, he is standing by that call, and his reason has little to do with Bitcoin itself.

The prediction

Asked whether Bitcoin could slip back under $60,000 or whether the bear market is over, Svanevik did not hedge. “I don’t think Bitcoin’s ever going below 60K again. And I will stand by that prediction,” he said.

Bitcoin is trading at $86,090.25, up 1% over the past 24 hours and 3.6% over the week. That puts it about 43% above the floor he has drawn.

Why he thinks the floor will hold

Svanevik’s case comes down to one idea: central banks cannot stop printing money.

• Higher lows on the chart: Each major Bitcoin bottom has formed above the previous one. He reads that pattern as currency debasement showing up in the price.
• No way to stop it: He pointed to central banks, treasury departments and government spending worldwide. “I don’t think there’s any way to control this,” he said.
• Fixed supply: Bitcoin is capped at 21 million coins, and many of those are already lost for good.

“It’s not necessarily because Bitcoin on its own is so amazing,” Svanevik said. “It’s just that fiat is the opposite of amazing.”