Svanevik Sees $64,000 as New Support Zone for Bitcoin

Alex Svanevik, founder of analytics platform Nansen, believes that Bitcoin will not fall below $60,000 again. He attributes this view to the role of Bitcoin in the financial system and its ability to act as a store of value against fiat currency depreciation.

Svanevik points out three key factors contributing to his forecast: the growth of the money supply, which makes digital assets like Bitcoin more attractive; the scarcity of these assets, which supports demand; and Bitcoin's established role in the financial system, driving long-term demand.

The current price zone above $64,000 may become the lower boundary for this market cycle. This means that if Svanevik's assessment is correct, the $60,000 level will be seen as a support zone rather than a target for downward movement.