Analyst expects BTC unlikely to dip below $70K

In a recent update on X, Real Vision crypto market analyst Jamie Coutts noted that Bitcoin (BTC) is likely to continue its uptrend instead of dipping below $70,000. This is due to strategic BTC accumulation by countries, potential further purchases by Strategy (MSTR), as well as increased net inflows into spot BTC ETFs. If BTC slips to $60,000, it will be a signal that the fundamentals of the flagship token have altered. "Bitcoin is like playing a game of Chicken with central banks," Coutts stated, explaining that while the recent decline in the value of the U.S. dollar has brought a more optimistic outlook for BTC, the increased U.S. Treasury bond volatility (the MOVE index) and corporate bond spreads could be the main risk factors for the market. U.S. Treasuries are typically considered a key collateral asset in the global financial system, and any increase in their oscillations could unravel trillions of dollars in leveraged positions, the analyst added.