Macroeconomist Lyn Alden, author of "Broken Money," a book on the history and mechanics of monetary systems, has said that while sentiment toward Bitcoin has been low in recent months, there are "not a lot of downside catalysts" left for the asset.

Speaking in a Thursday interview with CNBC, Alden said the "fast money" — speculative traders who chase momentum — has been washed out and that market observers are not expecting Bitcoin treasury Strategy to sell anymore. Strategy, the software firm formerly known as MicroStrategy, runs the largest corporate Bitcoin treasury, and market observers track its buying and selling closely for signals about supply pressure.

Alden's comments come after Bitcoin shot up this week. The leading cryptocurrency was recently trading at $72,660 — a more than 6% rise over 24 hours — after reaching $72,890 earlier on Thursday.

"By almost every metric, Bitcoin is near the low end of its valuation and sentiment range," Alden said. "Even relatively small upside gains at this point can attract new types of buyers — once people see that the chart doesn't look bad anymore, you can get technical traders coming back in; if you get further momentum, say months from now, you could get more momentum traders back in."

The jump followed a meeting at the White House between President Trump and crypto executives, at which the president urged lawmakers to pass the long-anticipated crypto market structure bill, the Clarity Act. On Wednesday, Trump said the Clarity Act was a "very, very powerful" piece of legislation and pressed lawmakers to pass it.

Crypto industry companies have long been waiting for the legislation. The Clarity Act would divide oversight of digital assets between the Securities and Exchange Commission and the Commodity Futures Trading Commission, clarifying which tokens are regulated as securities and which as commodities. The bill was passed by the House of Representatives last year but has largely remained in deadlock this year. Some lawmakers were hoping for a vote in August, but that will now go ahead in September.

Alden added that while Bitcoin is not necessarily "out of the woods yet," hard assets like Bitcoin that are "under-owned" will come out winning over the long run.

Bitcoin notched a record of $126,080 in October but has been in a bear market in 2026, as traders have increasingly pivoted to artificial intelligence-related tech stocks and the Federal Reserve has hinted that interest rates will not come down anytime soon. Even after this week's bounce, Bitcoin trades roughly 42% below its October peak.

Originally reported by Mathew Di Salvo for Bitcoin Magazine.