Crypto whale “Set 10 Big Goals First” said he has rebuilt a long position in Bitcoin after closing out an earlier short, while maintaining a medium- to long-term bullish view on BTC, according to Odaily.
He said a major support area from the last bull market sits near $60,000. He also pointed to mainstream Bitcoin mining costs clustering in the $50,000 to $60,000 range, arguing that this gives the zone added support significance. BTC previously fell as low as $58,000 before rebounding quickly, which he said reinforced his view that buyers were willing to step in around that level.
Consolidation between $58,000 and $63,000
In his view, Bitcoin spent the past month moving between $58,000 and $63,000, allowing for enough consolidation and position turnover in that range. With BTC now back above roughly $66,000, he said the market has the conditions for another move higher.
He added that Bitcoin could still see a volume-driven breakout above $72,000, which in his view would open the door to a new round of gains.
Bet on weaker correlation with U.S. stocks
He also said U.S. equities, especially AI-related stocks, are already trading at elevated valuations and may face greater volatility going forward. At the same time, Bitcoin’s correlation with U.S. stocks has dropped noticeably compared with previous cycles. As institutional money continues to flow in and Bitcoin’s asset profile strengthens, BTC is gradually forming a more independent market trend, he said.
Without systemic risk, he believes the probability of Bitcoin falling below $60,000 again is declining. On that basis, he expects BTC to have a relatively high chance of challenging $100,000 again around March next year.
Invalidation zone set at $61,500 to $64,000
He said being bullish does not mean ignoring risk. For the current long position, he has set $61,500 to $64,000 as the trade invalidation zone. If the market breaks below that range and proves his thesis wrong, he said he will cut the position.
“Views can change, discipline cannot,” he said.
He added that the core of trading is not making money on every position, but limiting losses when a view is wrong and letting profits run when the trend is right.