Alden: Bitcoin's Recent Price Surge May Attract New Buyers

Macroeconomist and author Lyn Alden believes Bitcoin's recent price surge may attract more buyers, despite low sentiment in recent months. Speaking to CNBC, Alden said that 'fast money' has been washed out of the market, and observers do not expect further selling pressure from treasuries.

Alden points out that by various metrics, Bitcoin is trading near the lower end of its valuation and sentiment range. She suggests that even small upside gains can draw in new types of buyers, including technical traders who may return to the market once they see a turnaround in the chart.

The recent price action has been influenced by the Clarity Act, a crypto market structure bill that was urged forward by President Trump during a meeting with crypto executives at the White House. The legislation has been stalled but is expected to be voted on in September.

Alden cautions that Bitcoin is not yet out of the woods, but notes that hard assets like Bitcoin are under-owned and will come out ahead over the long run.