The founder of the analytics platform Nansen, Alex Svanevik, believes that bitcoin will not return to levels below $60,000.
The current zone above $64,000 may become the lower boundary of this market cycle.
Why Alex Svanevik Sees the Bottom Above $64,000
Svanevik links his forecast not to short-term price fluctuations, but to the role of the first cryptocurrency in the financial system. For clarity, his arguments can be broken down by key factors.
- Factor: growth of the money supply. Impact: bitcoin looks like a way to protect against the depreciation of fiat currencies.
- Factor: scarcity of digital assets. Impact: if money issuance does not slow down, demand for such assets receives additional support.
- Factor: bitcoin’s role in the financial system. Impact: the forecast relies not on short-term price jumps, but on long-term demand.
What Is Bitcoin in Simple Terms
Simply put, bitcoin is digital money without an intermediary bank. It can be stored in a crypto wallet and sent directly to another person—for example, used as payment without a regular bank transfer.
The strength of bitcoin is largely tied to how the network itself is structured. It is a peer-to-peer network without a single control center, where the blockchain stores the transaction history and makes data verifiable for participants. The foundation of its operation is the Bitcoin protocol, decentralization, and the consensus mechanism among network participants.
This system is based on several fundamental elements:
- Cryptography helps protect transactions and data.
- Public key cryptography links access to coins to the user’s keys.
- Hashcash is part of the technological legacy that bitcoin relies on.
- A crypto wallet gives the user access to coins.
- Bitcoin can be seen as a new type of payment system, although its market designations are often discussed separately from standards like ISO 4217.
Why This Matters for the Market
Historically, bitcoin grew out of ideas that Satoshi Nakamoto described in his paper on digital money. The project developed as open-source software, and over time, various institutions and ecosystem offshoots appeared around it, including the Bitcoin Foundation and Bitcoin Cash.
This mix of monetary idea, technological architecture, and scarce issuance is what makes Svanevik’s forecast notable for the market. If his assessment proves correct, the $60,000 level will be seen not as the next downside target, but as an already passed support zone for the current cycle.
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