A growing number of market commentators are reinforcing the idea that Bitcoin may have already established a cycle bottom at around $60,000.
Crypto analyst Astronomer on X has doubled down on his earlier call, arguing that the $60K region marked a decisive low for Bitcoin, with price action holding firm for over eight weeks despite persistent bearish expectations.
Bitcoin $60K Holds Strong, Technical and On-Chain Signals Align
The analyst says his call that Bitcoin bottomed around $60K wasn’t based on just one signal, but several factors lining up. These included Fibonacci levels, mining cost data, and hash ribbon signals, all suggesting a strong support zone near $60K.
He also explained that this level is important because of past market behavior, especially a key price level from October 2021 that previously acted as a major turning point and attracted institutional interest.
According to him, big investors likely helped support prices around this area. Moreover, the current pattern of higher highs and higher lows suggests Bitcoin may now be recovering instead of continuing to fall.
While some traders still expect a drop below $50K, he believes that scenario is unlikely and risky to bet on. At press time, Bitcoin is trading at $67,100, down 0.27% over the past day/
Growing Macro Support as Liquidity Increases
Another analyst, Mark Chadwick, says the bigger economic picture is becoming more favorable, not just for Bitcoin, but for risk assets in general.
He points out that the Federal Reserve’s balance sheet has grown to about $6.67 trillion, rising by around $18 billion week over week. In the past, similar increases in liquidity have often led to strong market rallies.
Chadwick compares this to 2020–2021, when increased liquidity helped drive Bitcoin from about $4,000 to nearly $69,000, while many altcoins saw huge gains.
Other signs of rising liquidity are also appearing. The U.S. Treasury recently conducted a record $15 billion buyback, and T-bill purchases are now higher than during the crisis era. Meanwhile, economic data such as the PMI moving above 50 suggests growth is picking up again.
He also notes that a proposed $1.5 trillion spending plan from Donald Trump could add even more money into the system, further boosting markets.
Overall, the combination of strong support around $60K and improving macro conditions is leading some analysts to believe the market may already be preparing for another upward move.
Related: Bitcoin Needs a New Narrative to Break Higher, Says Early Investor