Real Vision Analyst: Bitcoin in the $60,000s Is a Solid Accumulation Zone

Jamie Coutts, Chief Crypto Analyst at Real Vision, thinks crypto may have one more leg down before a recovery, but argues that anyone scooping up Bitcoin in the $60,000s with a long-term horizon is probably making one of the smarter financial moves available right now. In a recent interview, Coutts laid out a measured case for where crypto goes from here.

Where the Bottom Might Be

Coutts acknowledged that crypto has already taken roughly a 50% hit from its highs, which he described as broadly in line with previous bear markets on a volatility-adjusted basis. But he stopped short of calling a definitive bottom, suggesting one more flush lower remains possible before the market finds its footing. "Anything in the $60,000s for Bitcoin is an amazing accumulation zone on a long-term horizon," he said, framing the current period as a potential opportunity rather than a reason to panic.

The Liquidity Argument

The main thrust of Coutts' thesis isn't really about crypto at all. It's about what happens to global liquidity in 2026 and 2027. He identified three converging pressures that could stress financial markets in the near term. First, a wave of major IPOs is absorbing significant capital. While the $250 billion IPO pipeline is large in nominal terms, Coutts noted it is proportionally smaller than the 2000 boom and may act more as a sentiment topping signal than a fundamental one. Second, the large technology companies responsible for 30% of all S&P 500 buybacks are redirecting their free cash flow into AI infrastructure buildout, effectively removing a major source of equity market support going into next year. Third, and most significantly, a substantial increase in U.S. Treasury issuance is on the way, which will stress the channels that absorb that supply and put upward pressure on yields across the curve. Interest costs as a percentage of GDP are already back at levels last seen in 1990.

Why Liquidity Eventually Has to Come

The U.S. government, he argued, cannot afford to let yields run too high. Budget deficits are already running at wartime levels as a percentage of GDP. If markets decline sharply and tax receipts fall, those deficits blow out further and yields become unmanageable. The only realistic path out of that scenario runs through the Federal Reserve adding liquidity, which historically has been one of the most reliable tailwinds for risk assets, crypto very much included.