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Can the AI Token Rally Further?

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Can the AI Token Rally Further?

BEAT, the native token of AI music platform Audiera, has exploded higher over the past month, surging more than 1,500% to a record high of $9.20 even as Bitcoin (BTC) and Ether (ETH) fell roughly 25% and 30%, respectively, in the same period.

BEAT/USD vs. BTC/USD and ETH/USD 1-month price performance. Source: TradingView

Key takeaways:

  • Strong platform revenues mixed with excessive short liquidations send BEAT’s price higher.
  • The AI token is now at its most overbought stage, which may prompt a 35% dip in the coming days.

Why is Audiera’s BEAT price up so much?

BEAT’s sharp outperformance has turned it into one of crypto’s hottest AI-linked trades, driven by a mix of platform revenue claims, token burns, and short liquidations.

Audiera revenue and token burns strengthen BEAT bull case

BEAT’s rally has gained momentum from Audiera’s revenue-and-burn model, which has given traders a stronger value-capture story to chase.

The project reported 772,045 BEAT in weekly revenue between June 1 and June 8, worth about $2.87 million at its stated price of $3.712. During the same period, Audiera said it burned 770,545 BEAT, taking the total burned supply to 12.35 million BEAT.

Source: X

Burns reduce BEAT’s available or future supply against its fixed 1 billion-token cap, strengthening the scarcity narrative when demand is rising.

This resembles Hyperliquid’s HYPE token economics, which have seen 120% price gains so far in 2026.

Related: Hyperliquid bear turns bullish after losing over $46M shorting HYPE

However, Hyperliquid has already shown strong product-market fit in perpetual trading, while Audiera’s model remains newer and less tested. That leaves BEAT vulnerable to sharp profit-taking if revenue slows, burn activity weakens, or speculative demand cools.

Short squeeze helps fuel BEAT rally

BEAT’s rally has received a strong boost from derivatives liquidations, particularly from traders betting against higher prices.

Since May, BEAT has seen $28.72 million in short liquidations, compared with $13.74 million in long liquidations. That means bearish traders lost more than twice as much as bullish traders during the rally.

BEAT’s daily aggregated liquidation bar chart. Source: TradingView

This imbalance points to a classic short squeeze. As the BEAT price kept rising, traders holding short positions were forced to close their bets. Since closing a short position requires buying back the token, those liquidations added more upward pressure to the price.

That helped turn BEAT’s rally from a strong uptrend into a vertical move.

However, it also means part of the surge came from forced buying rather than steady spot demand. Once short-liquidation pressure fades, BEAT may need fresh buyers to keep the rally going.

BEAT price may decline 35% in June

BEAT’s price explosion over the past month has made its relative strength index (RSI), which gauges momentum, the most overbought on record.

As of Thursday, BEAT’s daily RSI reading was 96.87, way above its overbought threshold of 70. In other words, the Audiera token’s rally remains vulnerable to a sharp pullback if buyers lose momentum or early investors start booking profits.

BEAT/USDT daily price chart. Source: TradingView

A decisive pullback from the $9.47 resistance level, which aligns with the 1.618 Fibonacci retracement line, increases the odds of BEAT falling toward the 1.0 Fib line at around $3.71, down roughly 35% from the current price, in June.

Conversely, a clear breakout above the $9.47 resistance level raises BEAT’s potential to rise toward its 4.236 Fib line above the $15 mark in the coming weeks.

Japan Crypto Bill Advances With ETF, Tax Reform Path: Report

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Japan Crypto Bill Advances With ETF, Tax Reform Path: Report

Japan’s Lower House reportedly passed a bill that would bring crypto assets under the country’s financial instruments framework, potentially opening a path to exchange-traded funds (ETFs) and lower tax treatment for digital assets. 

The bill would move crypto assets closer to the regulatory treatment of stocks and bonds by subjecting them to stricter trading rules, Bloomberg reported on Thursday. The legislation is expected to take effect next year after going through the Upper House. 

The proposed changes could lower the capital gains tax on crypto assets like Bitcoin (BTC) and Ether (ETH) from a current maximum of 55% to a 20% flat rate, in line with stocks and bonds. The tax change is expected to take effect in 2028.

Official records showed the bill had cleared the Committee on Financial Affairs on June 10, although the bill-tracking page had not yet updated the plenary vote field at the time of writing.

Status of the bill on the House of Representatives website. Source: House of Representatives of Japan

Japan shifts crypto into a financial-market framework

The latest parliamentary advance follows months of signals that Japan was preparing to shift crypto from a payment-focused regime into a financial-market framework. 

In November 2025, media outlet Asahi Shimbun reported that the Financial Services Agency (FSA) had decided to apply the Financial Instruments and Exchange Act to crypto, including Bitcoin (BTC), Ether (ETH) and other tokens handled by local exchanges. 

Related: SBI Shinsei links bank deposits to crypto rewards in Japan: Nikkei

FSA materials dated April 2026 said the proposal would move crypto-asset transaction rules from the Payment Services Act to the Financial Instruments and Exchange Act. 

The FSA said the bill would treat crypto assets as financial products separate from securities, while introducing disclosure rules, tighter exchange oversight, insider trading restrictions and stronger penalties for unregistered operators. 

The proposed framework would also require crypto-asset transaction business operators to publish information on the assets they handle, while issuers of certain assets would face disclosure requirements when conducting offerings or secondary distributions. 

The shift could also open the door to crypto-tracking ETFs in Japan, giving local investors a regulated route to digital asset exposure beyond crypto exchanges and listed companies with token holdings, Bloomberg reported.

Magazine: Vietnam preps crypto pilot, HK pushes tokenization: Asia Express

As SpaceX IPO approaches, Polymarket, Ventuals assign $2 trillion valuation: Crypto Daily

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As SpaceX IPO approaches, Polymarket, Ventuals assign $2 trillion valuation: Crypto Daily

Elon Musk’s SpaceX sets the price of its Friday IPO on Nasdaq later today. While the company is currently valued at roughly $1.77 trillion, blockchain-based pre-IPO price discovery derivatives and prediction markets seem to think that’s too low.

That gap is evident from three markets: Onchain perpetuals futures offered by Ventuals and trade.xyz, both running on Hyperliquid, and Polymarket’s implied first-day close. These have all converged on the $1.8 trillion-$2.1 trillion range, according to data source Allium.

Right now, traders on Polymarket, a decentralized betting platform, assign a 64% chance that SpaceX will close its first trading day above a $2 trillion valuation. A close above $3 trillion? Polymarket gives a 5% chance.

In other words, the market expects a strong debut, but not a blowout.

For bitcoin traders, the IPO serves as a real-world test of the dominant narrative: that the offering has been draining risk capital from crypto, contributing to the recent price decline.

If that theory holds, capital should flow back into bitcoin and crypto once the IPO is out of the way and the initial allocation frenzy subsides. Stay alert!

Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”

What’s trending

Today’s signal

BTC vs Nasdaq futures. (TradingView)

The chart compares bitcoin’s daily price moves with Nasdaq-100 E-mini futures since March.

The strong positive correlation between the two broke down in May, as the Nasdaq rallied sharply while bitcoin fell. However, Nasdaq has turned lower this month, hinting at a potential realignment.

The key question is whether bitcoin can hold steady — having already absorbed significant losses — in the face of a potential Nasdaq selloff. Trading firm Wintermute noted last year that the correlation between the two assets is particularly strong during Nasdaq declines. If that dynamic still holds, BTC risks sliding below $60,000.

BTC price rises, holds above moving average signal that ETH, SOL can’t penetrate

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BTC price rises, holds above moving average signal that ETH, SOL can’t penetrate

Bitcoin BTC$62,858.71 rose Thursday, and its share of the total crypto market, its dominance rate, gained alongside a meteoric rise in a lesser-known cryptocurrency.

The BTC price advanced 2.4% in 24 hours to trade recently around $62,800. The CoinDesk 20 Index (CD20) added 2.3% to 1,690 and the CoinDesk Memecoin Index (CDMEME) led gains with a 2.7% increase.

BTC’s dominance rate has risen to 59% from last week’s low of 57.9%, a sign of renewed capital flowing into the largest cryptocurrency as major altcoins struggle. The bitcoin price has held its 200-week average even as other majors such as XRP, ether (ETH) and solana (SOL) trade below the key technical line, suggesting strengthening bearish momentum in altcoins.

In the wider market, Audiera’s BEAT token jumped another 57%, taking the seven-day gain to over 500%. Audiera is a Web3 entertainment and rhythm gaming platform built on BNB Chain that treats AI characters and virtual idols as economic participants.

The protocol announced on X that onchain activity is surging, driven by consistent token burns and rising wallet participation. However, some users on social media have voiced concerns about concentrated token ownership and potential pump-and-dump risks.

The other big gainer is Velvet’s VELVET token, which has surged roughly 800% in 30 days.

Derivatives positioning

  • Bullish crypto futures bets continue to get squeezed. Over the past 24 hours, exchanges liquidated $378 million, with more than $207 million coming from long positions.
  • Open interest (OI) in bitcoin and ether futures has remained largely stable, indicating little appetite for fresh leverage. In zcash (ZEC), open interest has fallen to 2.28 million tokens, extending its pullback from recent highs above 2.5 million. This reflects a lightening of positioning as ZEC’s recovery from Friday’s sub-$300 low has stalled. The token has retreated from $480 to around $430 in just two days.
  • The 24-hour OI-adjusted cumulative volume delta (CVD) presents a mixed picture. Tokens like BTC, XMR, ETH, HBAR, and SHIB recorded positive CVDs, showing buyers lifting offers. Meanwhile, TON, XLM, HYPE, TRX, XRP, and several others saw negative readings.
  • BTC’s 30-day implied volatility index (BVIV) remains steady below 50%, suggesting traders don’t expect volatility related to tomorrow’s SpaceX IPO to spill over into crypto. Ether’s volatility index (EVIV) is also easing from Friday’s peak.
  • On Deribit, bitcoin and ether puts continue trading at a premium to calls across all major expiries. The $58,000 BTC put expiring June 13 was the most actively traded contract in the past 24 hours.

Token Talk

  • Velvet’s VELVET token has surged roughly 800% in 30 days, more than doubling in the past 24 hours alone.
  • The token is riding the rush into pre-IPO perpetual futures, synthetic contracts that let traders bet on the valuations of SpaceX, OpenAI and Anthropic before the shares start trading. The timing tracks SpaceX’s expected June 12 debut at a reported $1.75 trillion valuation.
  • DefiLlama now tracks 14 similar markets across SpaceX, OpenAI, Anthropic and Quantinuum on venues including Injective, Hyperliquid and Crypto.com, and Velvet reaches them by routing through outside platforms TradeXYZ and Ventuals rather than building its own. Injective launched the format back in October 2025.
  • The contracts carry real risk. They are synthetic derivatives that convey no shares, dividends or voting rights, and their prices come from data feeds that can be thin and can drift far from actual funding rounds or any eventual IPO price. A synthetic SpaceX contract on Hyperliquid flash-crashed about 45% on Thursday.
  • The VELVET token itself is drawing scrutiny. Lookonchain flagged concerns over the linkage between its spot and futures markets and heavy selling pressure after the spike, and the price whipsawed between $0.29 and $1.07 in a single day.
  • The protocol holds about $653,000 in deposits against a $339 million market cap, a wide gap between the token’s valuation and the money actually using the platform.

DOJ Opens Debanking Probe Into JPMorgan, Bank of America and Wells Fargo

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DOJ Opens Debanking Probe Into JPMorgan, Bank of America and Wells Fargo

Federal prosecutors have subpoenaed JPMorgan Chase, Bank of America and Wells Fargo, examining whether banks unlawfully terminated customer accounts for political reasons. The probe directly validates the crypto industry’s Operation Chokepoint 2.0 grievances.

Federal prosecutors have subpoenaed JPMorgan Chase, Bank of America and Wells Fargo as part of a probe into whether the banks unlawfully terminated customer accounts for political reasons, the Wall Street Journal reported Wednesday.

The U.S. Attorney’s Office in Washington, D.C., headed by Jeanine Pirro, issued the subpoenas, some dating back to last year, seeking lists of debanked individuals and the banks’ explanations for the closures. Prosecutors are examining whether the terminations violated the Financial Institutions Reform, Recovery and Enforcement Act of 1989, a statute traditionally used to prosecute bank-related fraud. Bloomberg also reported the probe Wednesday.

For the crypto industry, the investigation amounts to a formal government inquiry into what advocates have long called Operation Chokepoint 2.0: a pattern of account closures at major banks during 2022 and 2023 that digital-asset executives said targeted them for their involvement in crypto.

The Chokepoint 2.0 Record

The phrase Operation Chokepoint 2.0 borrows from the original Operation Choke Point, a 2013 Obama-era DOJ program that pressured banks to cut ties with industries officials considered high-risk. Crypto executives applied the label to what they described as a coordinated effort to restrict banking access to digital-asset firms during the Biden administration.

FDIC documents obtained by Coinbase through a Freedom of Information Act request showed agency staff advising banks to avoid or limit crypto client relationships starting in 2022. A 2023 House Financial Services Committee report identified at least 30 entities cut off through informal regulatory guidance and supervisory pressure.

Among those who documented closures: Uniswap founder Hayden Adams said JPMorgan closed his personal accounts in January 2022 with no explanation. Swan Bitcoin CEO Cory Klippsten said Citigroup shut his company and personal accounts in late 2022. Frax Finance founder Sam Kazemian said JPMorgan staff told him in December 2022 that the bank was closing accounts of anyone whose primary income was crypto.

Where the Probe Stands

JPMorgan and Bank of America each confirmed earlier related probes in regulatory filings. JPMorgan disclosed in its November 2025 quarterly filing that it was facing “reviews, investigations and legal proceedings” tied to Trump’s August 2025 executive order on debanking. The bank said its code of conduct prohibits closing accounts for political or religious reasons and expressed support for the administration’s access-to-finance efforts. Bank of America made a similar disclosure around the same time.

Pirro’s office opened its investigations independently, the WSJ reported. The Office of the Comptroller of the Currency had not sent referrals to the DOJ; prosecutors pursued the inquiry without a regulatory handoff.

The subpoenas extend a broader campaign that began with Trump’s August 2025 executive order directing regulators to review banks’ policies for political or religious discrimination. The OCC responded in September, requesting debanking data from the nine largest banks it supervises. The Small Business Administration sent similar directives to more than 5,000 banks.

Compliance Exposure for Institutional Crypto

Banks now face simultaneous pressure from the executive branch to document their account-closure practices and legal exposure if those records reveal a discriminatory pattern. For institutional crypto firms, the probe adds a new layer of uncertainty to banking relationships they spent 2024 and 2025 rebuilding after the 2022-2023 wave of closures.

Firms that rely on traditional bank rails for treasury operations, client fund custody or payment processing watch a DOJ finding of illegal debanking as a determination that past disruptions were unlawful, not discretionary business decisions.

The regulatory backdrop has shifted. Earlier this month, the Federal Reserve, OCC and FDIC jointly removed “reputation risk” language from interagency supervisory guidance, eliminating a primary supervisory hook banks used to justify restricting crypto clients. Custodia Bank, a Wyoming-chartered digital-asset lender whose application for a Federal Reserve master account was denied, filed a petition with the Supreme Court in May seeking review, with a full-filing deadline extended to July 11.

Whether the DOJ subpoenas lead to charges, settlements or consent orders will determine how much enforcement force backs the administration’s debanking reform effort. No bank has been charged and the DOJ’s office has made no public statement on the probe’s scope or timeline.

BlackRock’s income-paying bitcoin ETF nears launch at a fee that undercuts rivals

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BlackRock’s income-paying bitcoin ETF nears launch at a fee that undercuts rivals

BlackRock is close to launching a bitcoin fund that pays an income.

The world’s largest asset manager filed its fourth amendment for the iShares Bitcoin Premium Income ETF on Tuesday, according to its SEC filing. The fund will trade on Nasdaq under the ticker BITA.

The income comes from options. The fund holds bitcoin and shares of IBIT, BlackRock’s $47 billion spot bitcoin ETF. Each month it sells call options on those IBIT shares.

A call option gives the buyer the right to purchase the shares at a set price. The fund collects a fee, called a premium, for selling that right. That premium is the income it hands to investors.

As such, selling calls caps how much the fund gains if bitcoin rallies hard. Investors take steady income in exchange for giving up part of a big move. The fund plans to write calls on 25% to 35% of its value at a time.

The fee is the edge, however. BlackRock set the sponsor’s fee at 0.65%, which sits below the two largest covered-call bitcoin funds, YBTC and BTCI, which charge 0.95% and 0.99%, Bloomberg analyst Eric Balchunas said in a post on X.

Balchunas added he expects the fund to launch very soon, noting BlackRock is under pressure to beat Goldman Sachs to market, with Goldman’s own bitcoin fund due to go live around July 1.

BlackRock already has the strongest distribution base in the spot bitcoin ETF market. Its iShares Bitcoin Trust, IBIT, has become the flagship product of the sector, regularly drawing the largest inflows and often absorbing capital even when rival funds see redemptions.

IBIT and Fidelity’s FBTC have increasingly turned the U.S. spot bitcoin ETF market into a two-firm race, with smaller issuers often contributing little to daily flows.

The launch would be another step in turning bitcoin into an income product for mainstream investors. The filing shows the fund is already seeded and has started buying bitcoin and IBIT shares – a sign it is close to being ready.

Crypto ATM Bans Advance in Delaware, New Jersey

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Crypto ATM Bans Advance in Delaware, New Jersey

Delaware and New Jersey have both advanced legislation to ban cryptocurrency ATMs in what is becoming a growing trend across US states, with lawmakers concerned that the kiosks are overwhelmingly used for scams.

The Delaware House Economic Committee on Tuesday passed House Bill 441 to the full chamber, which would ban owning, installing, or operating a cryptocurrency kiosk.

It followed the New Jersey Senate Commerce Committee’s unanimous vote on Monday to send its bill banning crypto ATMs to the full chamber.

At least three other US states — Indiana, Tennessee and Minnesota — have passed total bans on crypto ATMs in response to their use for scams.

The FBI said in May that it received nearly 13,500 complaints about crypto ATMs in 2025 involving over $388 million in losses, a 23% increase in complaints and a 58% increase in losses from 2024. Over half of the complaints involved people aged over 50, with losses exceeding $302 million.

Cyndie Romer, a representative who sponsored the bill in Delaware, said crypto ATMs “reduce digital currency to a predatory cash grab.” 

“Regular crypto traders generally do not use crypto ATMs due to their much higher fees, which can be upwards of 20% of the value of the transaction, versus the 0.4% to 1% in fees for online exchanges,” she added. “There is no reason to support a business structure that enables scammers to extort money from our most vulnerable populations.”

A crypto ATM at a service station in Dover, Delaware’s capital. Source: Coin ATM Radar

Delaware’s bill would also ban fiat-to-crypto sales that “replicate or substitute” crypto ATMs, such as through point-of-sale systems or cashiers. It also mandates that any crypto ATMs must be removed within 90 days after the bill is signed into law.

The bill outlines penalties of up to $10,000 for violations, and if a kiosk is found to be operating, it must refund its fees to all users or pay into a consumer protection fund if users can’t be found.

New Jersey’s bill would similarly ban owning, controlling, installing, managing, selling, or offering to sell a crypto ATM due to “a significant rise in scams associated with their use.”

It outlines penalties of up to $10,000 for a first offense, doubling to $20,000 for subsequent offenses.

Bitcoin ATM operators push back

Indiana became the first US state to ban crypto ATMs with a law signed in March. Tennessee followed with its ban in April, while Minnesota passed a ban in May. 

Some US cities have also passed or are weighing ordinances banning crypto ATMs, while some states, including Arizona and California, have capped the value of transactions allowed by crypto ATMs.

Related: Canada proposes crypto ATM ban over scams and money laundering

Bitcoin Depot, once the largest operator of crypto ATMs in the world with over 9,000 kiosks, cited regulatory pressure as a major reason it filed for bankruptcy last month.

However, crypto ATM operators have long claimed they are not at fault for scams through their machines, and many have put in place on-screen scam warnings or self-imposed transaction limits to curb illicit transactions.

Bitcoin Depot had told an ICIJ investigation on crypto scams in December that it “cannot be held liable for the criminal acts of third-party scammers” and said it had “robust warnings and safeguards” on its machines and during transactions.

Magazine: When privacy and AML laws conflict: Crypto projects’ impossible choice

U.S. inflation data better than hoped, boosting BTC

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U.S. inflation data better than hoped, boosting BTC

U.S. inflation data came in as expected on Wednesday, reinforcing the view that the Federal Reserve will keep interest rates at 350-375 bps at its June 17 meeting but is likely to increase rates by 25 bps by the end of the year.

The Consumer Price Index year over year rose 4.2% in May, according to a report from the Bureau of Labor Statistics. Economists had been expecting a rise of 4.2% following the April 3.8% increase.

On a month-over-month basis, CPI rose 0.5%, against expectations of 0.5% and against April’s 0.6% rise. Core CPI, which excludes food and energy costs, rose 0.2% in May versus forecasts of 0.3% and April 0.4%. Year-over-year core CPI was higher by 2.9% versus forecasts of 2.9% and April’s 2.8%.

While bitcoin saw a slight uptick after the data was published, it still remains under pressure. Bitcoin BTC$62,789.60 traded just above $61,000 following the report, mostly unchanged over the past 24 hours. U.S. stock index futures were down across the board, and the 10-year Treasury yield rose to 4.5%. WTI crude oil continues to head lower, down a further 1% on the day at $88.

Ahead of the CPI data, markets were pricing in a 98% probability that the Federal Reserve would leave interest rates unchanged at its June meeting, according to the CME Fed Watch tool.

Singapore bank DBS to offer tokenized gold to retail customers

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Singapore bank DBS to offer tokenized gold to retail customers

Crypto-friendly DBS Bank said it will start offering tokenized gold trading to its retail customers in the second half of 2026.

DBS said it will list the product, called DBS Physical Gold Tokens, on its digibank platform and is also considering making it available on the DBS Digital Exchange (DDEx), which is tailored for accredited investors and institutions.

The bank will tokenize, issue, distribute and manage the physical gold tokens entirely in-house, backed by trusted bank-grade infrastructure. Each token is backed by 1 gram of physical gold held by DBS in a dedicated vault in Singapore, the bank said in a statement.

The move builds on a growing trend towards blockchain-based versions of real world assets (RWAs). The size of physical gold holdings in the portfolios of wealthy clients of DBS has more than doubled over the past three years.

In 2025, DBS tokenized structured notes on Ethereum and listed sgBENJI, the token of Franklin Templeton’s tokenized money market fund, alongside the Ripple’s RLUSD dollar-pegged stablecoin.

“While our retail investors have been able to buy gold funds, access to physical gold has been largely available to only institutional and accredited investors,” said James Tan, the head of DBS’ investment product and advisory unit. “DBS has offered physical gold investments to wealth clients since 2013, and we are now leveraging tokenisation to broaden access, enabling more retail customers to invest in gold in a safe and meaningful way.”

Bitcoin Four-Year Cycle ‘Normal’ Says Trader as BTC Hits Bottom Zone

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Bitcoin Four-Year Cycle ‘Normal’ Says Trader as BTC Hits Bottom Zone

Bitcoin (BTC) should see new all-time highs in 2028, a trader says as $53,000 becomes an important buy-in level.

Key points:

  • Bitcoin is in “as normal a four-year cycle as they come,” says Bob Loukas as the timing for a bear-market bottom approaches.
  • The cycle midpoint at $53,000 would be an advantageous market entry if price gets there.
  • Uncertainty rules among market participants as question marks over $60,000 remain.

Loukas: 2026 BTC price action just like other cycles

In his latest YouTube update released on June 4, Bob Loukas stressed that the four-year BTC price cycle was alive and well.

“Everyone keeps saying, ‘it’s different this time, it’s different;’ I’ve heard every excuse out there possible, and we did last cycle as well,” he said.

“But this here is as normal a four-year cycle as they come.”

BTC/USD drawdowns from all-time highs. Source: Glassnode

Loukas, a well-known voice in Bitcoin trading circles, maintains that the similarities spanning previous bull and bear markets are repeating this year.

As such, even with its fresh dip below $60,000, BTC/USD is still far closer to its old all-time high than the lowpoint that marked old bear-market bottoms.

The past four years has produced a midpoint of around $53,000, making that level of key interest as both support and resistance — and a plausible buy-in point for the bear-market low.

Loukas says that the “window” for a cycle low occurs 10% either side of week 46 of the cycle. Currently, it is on week 44.

“The window is getting hit; the four-year cycle now is getting towards an end, but as I mentioned before, this is not any different to prior cycles,” he stressed.

BTC/USD one-month chart (screenshot). Source: Bob Loukas/YouTube

Loukas added that looking ahead, price discovery should return in 2028.

Bitcoin in “narrow psychological corridor”

As Cointelegraph reported, traders remain overwhelmingly cautious on BTC price action amid a lack of clear reversal signals.

Related: BTC price bottom not due until Q4? Five things to know in Bitcoin this week

Geopolitical and macroeconomic volatility has led analysis to adopt a “wait-and-see” approach to the market, avoiding specific bottom targets.

“The dynamic combination of optimism that $BTC has printed a bottom, alongside the FUD that it has not, is a classic character trait of bear markets,” trading resource Material Indicators wrote in recent commentary on X.

In its latest Market Color update on Monday, trading company QCP Capital was among those drawing attention to the role of $60,000 for sentiment.

“For now, BTC is sitting in a narrow psychological corridor,” it summarized. 

“The $60k area has attracted bids, options markets remain defensively positioned and macro risk is still doing its best impression of an unwelcome house guest.”

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