Bitcoin Stuck at $60,000: When Will the Bear Market End?
Bitcoin has been stuck in the low $60,000s since February, following what Coutts calls a capitulation low. Since then, price has mostly moved sideways, with one counter-trend rally of about 30%, which he says is normal behavior for Bitcoin bear markets.
Coutts' signal to watch: Bitcoin needs to break above the high $70,000s to confirm the downtrend has actually reversed. Until that happens, he's treating this as a probability game, not a done deal.
One technical clue Coutts is watching for is weekly RSI divergences. He points out that when price keeps falling but momentum indicators stop confirming the drop, it's a warning sign. This is what happened before the market's top and subsequent 50% to 55% decline last year.
Coutts has already started adding positions in top Layer 1 tokens and blue chip DeFi tokens, using his largest cash reserve in years. Some of these DeFi protocols are trading 70% to 80% below their highs, and he's targeting names showing relative strength against the broader market.