Emily Nicolle says Bessent boost is not enough to put Bitcoin back in a real bull market

News Editor

2026-08-26 14:26:28

Bloomberg reporter Emily Nicolle argued that Bitcoin’s recent rally does not yet amount to a convincing return to a full bull market. Bitcoin rose 23% in a week, its biggest weekly gain in more than three years, and broke out of the range that had held through the summer. Part of that move followed U.S. Treasury Secretary Bessent’s proposal to expand buybacks of long-dated Treasuries, a step that stirred concern over U.S. debt and possible dollar debasement and sent some money toward alternative assets such as Bitcoin. Nicolle wrote that the move lost momentum after Bitcoin pushed past $80,000 on Tuesday, and she said the catalyst on its own is not enough to support a durable bull case. She also questioned Bitcoin’s standing as a hedge against the dollar and inflation, noting that after Donald Trump renewed tariff threats against China in October last year, Bitcoin fell more than 12% in 24 hours while gold hit a record high. Since 2026, gold is up more than 7%, while Bitcoin remains down nearly 10% even after the latest rebound. She added that the latest crypto rally was driven in large part by short covering, while the CLARITY market structure bill remains stalled in the Senate.

BlockBeats reported on Aug. 26 that Bloomberg reporter Emily Nicolle said Bitcoin’s latest advance is not enough to signal a return to a true bull market. Bitcoin rose 23% over the past week, marking its biggest weekly gain in more than three years and ending the sideways trading pattern that had persisted through the summer.

Nicolle wrote that U.S. Treasury Secretary Bessent’s proposal to expand buybacks of long-dated Treasuries fueled market concern over U.S. debt and dollar debasement, prompting some capital to move into alternative assets including Bitcoin. Even so, after Bitcoin moved above $80,000 on Tuesday, the rally began to level off again. In her view, that catalyst alone is still not enough to bring the market back into a genuine bull phase.

The hedge narrative remains unstable

Nicolle said the narrative of Bitcoin as a hedge against the dollar and inflation still lacks durability. She pointed to October last year, when Donald Trump renewed tariff threats against China. In the following 24 hours, Bitcoin fell more than 12%, while gold reached a record high.

She also noted that since 2026, gold has gained more than 7%, whereas Bitcoin remains down nearly 10% even after the recent rebound. In her view, the fact that gold and Bitcoin both rose last week does not prove they share the same safe-haven qualities, because a large part of the latest crypto-market advance came from forced short covering.

Positioning and legislation offer little confirmation

The report added that Strategy Chairman Michael Saylor urged traders to keep buying Bitcoin during the rally, but his company did not increase its holdings at the same time.

At the same time, the CLARITY crypto market structure bill remains stalled because of disagreements over ethics provisions and other issues. The Senate is not expected to revisit it until mid-September, leaving limited time before the November midterm elections.

Nicolle said Bitcoin still lacks a stable and convincing value narrative. In everyday payments, users continue to prefer stablecoins or cash.

This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.

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