A heavy wave of US Treasury issuance, a $250 billion IPO pipeline, and a shift in big tech cash toward AI spending are among the pressures Jamie Coutts says could keep markets tight for a while longer. The Real Vision chief crypto analyst still thinks Bitcoin buyers in the $60,000s may be getting a rare long-term entry point, even if the market has not fully washed out yet.
The Pressure Building
Coutts framed the recent drop as part of a broader reset, saying Bitcoin has already fallen about 50% from its highs and that the move fits past bear-market swings on a volatility-adjusted basis. He stopped short of calling the bottom, however, and said another leg lower is still possible before the market steadies.
His view rests less on Bitcoin itself than on the state of global money flows. He pointed to a crowded IPO market pulling in capital, large technology firms reducing buybacks as they pour cash into AI infrastructure, and rising Treasury supply that could push yields higher.
That mix, in his telling, is enough to leave risk assets under pressure in the near term. Still, he argued that the strain cannot last forever because higher borrowing costs and weaker tax receipts make it harder for the US government to keep yields in check.
Why The $60Ks Matter
For Coutts, the price zone matters because it may offer long-term buyers a level that looks cheap in hindsight. He described anything in the $60,000 range as an attractive place to accumulate Bitcoin on a multi-year view, even if the market is not yet done falling.
That call was not presented as a fast trade or a clean timing signal. It was closer to a patient case for buying into weakness while the larger liquidity picture is still working through its next phase.
The analyst also tied the outlook to the way governments and central banks react when markets come under stress. He said that if stocks fall hard and tax revenue weakens, deficits widen further and financial conditions get harder to manage.
Why The Fed Still Matters
From there, Coutts drew a straight line to the Federal Reserve. He said the most realistic escape from that pressure would be new liquidity from the central bank, which has often helped support Bitcoin and other risk assets during past downturns.
That leaves Bitcoin in a familiar place: weak enough to make traders cautious, but close enough to a possible support zone to draw in buyers who think in years, not weeks.
Featured image from Unsplash, chart from TradingView