Bitcoin has very likely bottomed out near the $59,000–$60,000 zone. Multiple signals are converging at once — a textbook double bottom on the daily chart, a bounce off the 200-day exponential moving average, synchronous buying across every wallet cohort, and both crypto-native analysts and traditional finance strategists calling the same floor. If you've been wondering whether Bitcoin has bottomed out in 2024, the weight of evidence right now is pointing firmly toward yes.
Has Bitcoin Finally Bottomed Out at $60K?
After sliding from all-time highs down to the low $60,000s — and briefly touching $59,000 — Bitcoin has staged a strong recovery, adding roughly $5,000 over a single weekend to sit back around $67,000. That move wasn't just noise. The on-chain data tells a compelling story.
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On-chain chart showing all wallet cohorts buying simultaneously when Bitcoin hit $60K
Watch at 04:15 →
According to Glassnode data, when Bitcoin fell to $60K, every single wallet cohort bought the dip simultaneously — from the smallest "shrimp" addresses all the way up to the largest whale wallets holding 500+ BTC. That kind of synchronized accumulation across all cohorts is rare. It creates what analysts describe as a straight wall of incoming demand, suggesting strong conviction that $60K is a significant value zone.
On the charting side, the daily chart is printing what looks like a classic double bottom reversal structure — two clear tests of the lows with higher lows beginning to form. Add in a buy signal and a near-perfect bounce off the 200-day EMA, and you have serious technical confluence backing the thesis. Brian Armstrong of Coinbase called $60K the floor. Standard Chartered analyst Jeffrey Kendrick put the confirmed bottom at $59,000. When crypto insiders and TradFi analysts land in the same zip code, it's worth paying attention.
Can Bitcoin Hit $100K Before October?
Analysts aren't just calling the bottom — some are already projecting a run to $100,000 before October 2024. That means a breakout could come as early as September, which aligns with the historical four-year cycle pattern Bitcoin has followed since its early days.
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Daily Bitcoin chart showing the double bottom formation and 200-day EMA bounce
Watch at 07:42 →
The math isn't crazy. If spot Bitcoin ETFs start buying at a pace of even $1 billion per week, that alone could push the price up roughly 3% per week. ETF buyers tend to lag the market — they sell a little late and buy a little late — but after seeing the weekend's sharp recovery, FOMO will kick in. Expect institutional ETF buyers to come back aggressively in the days ahead.
Add Michael Saylor's continued accumulation through MicroStrategy, the next halving sitting approximately two years out (expected around April 3, 2028), and a growing wave of new institutional financial products entering the space, and the macro setup for a run toward six figures looks very real.
- June → September: Four months of potential ETF-fueled upside
- ETF weekly buying: $1B/week = ~3% weekly price increase historically
- Next halving: ~April 2028, supply squeeze already beginning to factor in
What Is MicroStrategy's NAV Premium Right Now?
MicroStrategy now holds approximately 846,842 Bitcoin on its balance sheet — and understanding the NAV (Net Asset Value) premium is key to understanding whether the stock is a good deal right now.
The NAV premium compares MicroStrategy's market cap to the underlying value of its Bitcoin holdings plus other assets. At the time of writing, the NAV premium is sitting around 89–90 cents on the dollar, meaning the stock is actually trading at roughly a 10% discount to the value of its Bitcoin bag. That's unusual — for most of MicroStrategy's history, it has traded at a significant premium to its Bitcoin holdings, sometimes as high as 3.5x.
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MicroStrategy NAV premium chart showing current 10% discount and historical premium levels
Watch at 12:30 →
What could bring the premium back? Simple: Bitcoin excitement. When BTC gets back above $100,000 and retail FOMO kicks in, MicroStrategy tends to attract a premium because it offers leveraged Bitcoin exposure through a publicly traded stock. Here's what the numbers could look like in different scenarios:
- $120K BTC + 1.5x NAV premium: MSTR share price could reach ~$436
- $120K BTC + 1.0x NAV premium (flat): Share price around ~$291
- Current price: ~$130 per share
For context, you currently need approximately 412 MSTR shares to equal one full Bitcoin in exposure. The Satoshis-per-share figure sits around 0.242 BTC per share.
Why Is Bitcoin's Hash Rate Dropping — Should You Worry?
Bitcoin's hash rate has dropped significantly — roughly 10–11% over the past month, and another 10–11% the month before that. The top and bottom indicator, which pulls in a range of on-chain metrics, is now back in the "deep blue value zone" — a historically bullish signal that has appeared at or near major price bottoms.
So should you panic about the falling hash rate? Not really. The explanation is straightforward: when Bitcoin's price drops, miners unplug their ASIC rigs because the cost of electricity outweighs the revenue from mining rewards. It's a purely economic decision. Once the price recovers, those rigs come back online and hash rate climbs again. Network security remains more than adequate throughout this process — the dip in hash rate doesn't meaningfully increase vulnerability for a network of Bitcoin's size.
The silver lining? A falling hash rate while the price remains in a value zone — combined with all cohorts buying — is one of the cleanest setups for an accumulation phase that you'll see on a Bitcoin chart.
Does Bitcoin Always Drop After FOMC Meetings?
Here's a sobering data point: Bitcoin has dropped after each of the last six consecutive FOMC meetings — September, October, December, January, March, and April. The drops ranged from a modest 5% in April all the way to a brutal 34% following the January meeting.
The next FOMC meeting falls in June, raising the obvious question: will we get seven drops in a row? It's possible, but history doesn't always rhyme. Several of those prior drops coincided with the early phase of a broader bear market — a macro headwind that may no longer apply if the bottom is genuinely in at $59K–$60K.
Still, it's a useful short-term sentiment data point to keep on your radar. If you're watching price action closely around the June Fed meeting, don't be surprised by volatility in either direction.
What Is BlackRock's New Bitcoin ETF Options Product?
Institutional infrastructure around Bitcoin just got another major upgrade. BlackRock is launching a covered call or "beta" ETF that will sell options on its $49 billion IBIT Bitcoin ETF and distribute the premiums as monthly yield to investors. The product is set to launch this Thursday.
Not to be outdone, Goldman Sachs is preparing a rival Bitcoin income ETF slated for a July 1st launch. These aren't just cool financial products — they represent a deepening of institutional commitment to Bitcoin as a legitimate asset class. More financial products mean more capital flows, more liquidity, and more mainstream credibility for the entire space. This kind of infrastructure buildout is unambiguously bullish for Bitcoin's long-term price trajectory.
Is MicroStrategy's STRC Dividend Still Worth Holding?
STRC — MicroStrategy's preferred share series — has had a rough few months. The chart shows four significant dips since its August launch, with the most recent coming in June. The stock failed to hit the expected $98–$99 level around its ex-dividend date, which was a mild disappointment.
That said, MicroStrategy has $1.1 billion in US dollar reserves dedicated specifically to paying STRC dividends, so the income stream itself is not in immediate danger. The company also recently added $100 million to those reserves. They're also moving to a bi-weekly dividend payment schedule, which should smooth out price volatility around payment dates.
The key catalyst for STRC recovery is the same as everything else in this ecosystem: Bitcoin needs to push higher and rebuild confidence. If that happens — and the signals above suggest it might — then Saylor could also choose to increase the dividend yield (perhaps to 11–12%) to attract more investors back into the product. If STRC's risk level makes you uncomfortable right now, that's a perfectly rational position. But for those with conviction in Bitcoin's next move, the setup is at least stabilizing.
Bottom Line: What Should You Do Right Now?
The confluence of signals pointing to a Bitcoin bottom is about as clean as it gets: double bottom on the daily chart, 200-day EMA bounce, buy signals across multiple indicators, all-cohort accumulation at $60K, and both TradFi and crypto analysts calling the same floor. Meanwhile, new institutional products from BlackRock and Goldman Sachs are about to funnel fresh demand into the market.
It's not a guaranteed straight line up — whale selling pressure on Binance is worth monitoring, and the FOMC wildcard remains — but for anyone who has been waiting for a signal to start building a Bitcoin position, or to add to an existing one, the current setup is as favorable as it has been in months. The next halving is roughly two years away. The ETF infrastructure is maturing fast. And the bears, for now, appear to be in shambles.
