Bitcoin's $78,000 Dip Seen as Consolidation, Not Downturn

Bitcoin's recent dip to $78,000 has some investors breathing a sigh of relief. According to Mike Alfred, Bitcoin advocate and investor, this pullback is not a sign of another major downturn.

Alfred notes that Bitcoin holding above $76,000 despite rising Treasury yields and higher oil prices indicates a shift in market structure.

He dismisses the traditional four-year bear-market cycle theory, pointing out that Bitcoin never suffered an 80%+ drawdown like previous cycles.

The breakout from $58,000 remains intact, even if prices temporarily retreat to the upper $60,000s, Alfred says.

Alfred believes that Bitcoin may be pricing in future policy intervention, which could lead to substantially higher prices across risk assets.