Bitcoin Prices Soar Amid Low Sentiment and Washed-Out Fast Money

Lyn Alden, a macroeconomist and author, believes that Bitcoin's recent price surge is a sign of things to come. Speaking with CNBC, Alden stated that the 'fast money' has been washed out of the market, leaving few catalysts for further decline.

Alden noted that by almost every metric, Bitcoin is near the low end of its valuation and sentiment range. This could attract new types of buyers, including technical traders who are drawn to upward momentum.

The price of Bitcoin has been on the rise, reaching $72,660, a 6% increase in just 24 hours. Alden attributed this surge in part to the recent meeting between President Trump and crypto executives, which may have helped to boost investor confidence.