Ryan Rasmussen says the resurgence of “Bitcoin is dead” calls as Bitcoin falls below $60,000 resembles the capitulation seen near the 2022 market bottom. Despite weak sentiment and ETF outflows, Rasmussen argues that long-term holders continue accumulating, viewing the current downturn as a potential bottoming phase.
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Bitcoin held steady despite continued ETF outflows and nearly $500 million in crypto liquidations, with analysts divided on whether the market has reached a durable bottom. Some point to rare bullish RSI divergences as evidence of a potential reversal, while others argue historical bear-market drawdowns suggest one final capitulation.
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Money in the crypto market often moves in patterns that can look dramatic at first glance. Recently, ETF flow data has created a strong narrative that money may be shifting from Bitcoin to XRP. But while there is some truth to this idea, the full picture is more balanced and less extreme than it sounds.
