Bill Miller estimates Bitcoin bottom is around $60K

Bill Miller, CIO of Miller Value Partners and a legendary hedge fund manager, stated on X that he estimates Bitcoin's bottom to be around $60,000. He noted that this level corresponds to the approximate cost of mining BTC and is the point where the number of on-chain addresses in profit and loss are roughly equal. Miller also pointed out that previous market bottoms have formed in this range. Last month, he predicted that BTC would set a new all-time high this year.