Bitcoin’s Plunge: $60K or Bust? Miller’s Witty Wager

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My dear, as the cryptocurrency market tumbles with all the grace of a tipsy debutante, one question lingers in the air like a poorly timed witticism: Where, oh where, is the bottom?

Enter the ever-so-charming Bill Miller IV, who declares with a flourish that $60,000 is the magic number-the point at which the market shall steady itself, and the “weak hands” shall be shaken out like crumbs from a monocle case.

The Two Reasons, Darling

Miller, with his usual aplomb, points to the cash production cost of minting these digital trinkets. How quaint!

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Should the market price dip below the cost of production, miners might be forced to shut down their rigs or hoard their coins like a socialite clutching her pearls. How dreadfully inconvenient!

U.Today, that bastion of financial gossip, reports that JPMorgan estimates Bitcoin’s production cost at $87,000-a figure Miller dismisses with a wave of his hand, noting it excludes depreciation. Those poor miners, with their millions spent on ASICs, must be simply devastated.

And let us not forget, darling, that $60,000 is where the percentage of supply in loss exceeds the percentage in profit. A historical marker, if ever there was one.

Is the Bottom Near, You Ask?

If history is our guide-and really, darling, what else is there?-Bitcoin may indeed be approaching its grand finale. The 3D RSI, that oh-so-dramatic momentum indicator, is in “extremely oversold” territory. How très tragic!

On the four previous occasions this occurred, it marked the end of a bear market. Take, for instance, the 2018 crash, where the RSI hit this zone precisely at the bottom ($3,200). One can almost hear the collective sigh of relief.

So, if this time is not entirely different-and really, must it always be?-the bottom is either here or looming within 100 days. Mark your calendars, darlings, and prepare for the next act.

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2026-02-05 21:27