Cory Klippsten, CEO of Swan Bitcoin, Cory, nice to see you here today.
So first and foremost, I need your take on Bitcoin price action.
A lot of longtime holders out there, they're still sitting around saying, Wait a minute, what is going on here?
So to Cory, to you, I ask, what is going on here?
Hey, JD, thanks for having me on.
And, uh, look, this is something we've been through many times before and in some ways, this pullback, uh, you know, provably is a lot more shallow than previous drawdowns and, you know, think about 2022 or 2018.
Uh, those were much more severe bear markets.
So if this is it, and we bottomed out at 580.
Uh, that would be a big win for Bitcoin's continuing adoption, institutional adoption, just people's understanding of what it is if these bull and bear markets just kind of get.
Lower in amplitude, uh, of the big price swings, then it just is something that people can kind of count on in their portfolios and, and gain more confidence in.
So, you know, if we sit right here, we're fine.
If there's a final flush down to, you know, 530 or 49K or something like that, it would still be a dramatic improvement over the 77 to 85% drops we've seen in the last few bear markets.
So, not really concerned here.
Uh, it's nice that we're kind of up off the floor and I think over the weekend we saw 640.
Uh, I'm pretty optimistic that we'll see 70-something over the summer.
We'll see.
I think it's less likely than probably I thought earlier in the year that we'll see a new all-time high in the, you know, 126, 127 range this calendar year, but I think it's pretty likely we'll see that in 2027.
I mean, Bitcoin's been very range bound here for several months, you know, you got a little bit of a newly formed resistance level, some new support.
Is that a good thing to you that the longer it can build that rangebound sideways action, that gives it a greater possibility in the future of moving up, or are you sitting there a little bit eager, hoping for that move to the upside to happen sooner rather than later?
Well, look, to take the first part of that question, you can see it both in the data and you can feel it anecdotally if you're actually in the industry and just kind of gauging sentiment.
Uh, empirically, you can look at the data and you can see that the number of coins held in addresses that have had the coins for at least 6 months or at least 12 months are at all-time highs, which basically means that you're getting rid of lettuce-handed retail and lettuce-handed, uh, institutions that don't understand what they bought.
And they freaked out and it was just, you know, the new thing in their portfolio that they picked up in the last couple of years, and now they've sold it.
And it's being transferred to the hands of people that, um, that, that do understand it and, and like it at these prices.
And this is exactly what set the floor in each previous cycle as well.
So that is happening.
I do think there's probably a good bit of resistance in the low 70s, you know, around 730, that was the high in, in March of 2024 after the ETFs launched.
It was also kind of the bottom when there was a, a, a big run up to, you know, 108 or 110, then it bottomed to 73 before running up to 120.
6.
So it's been both a top, uh, and it's also been support historically, so it feels like that's probably psychologically somewhere a lot of traders probably draw some lines.
Again, if you zoom out and you're just a one-way buyer like I am and like all the Swan clients are pretty much just buying every day or every week and just holding for the long term, having at least a 10-year time horizon, none of this really matters.
Um, but yeah, if you are a trader and you care about such things, you know, I certainly would keep an eye on that kind of 73 level.
Uh, and I do think it's very likely we kind of sideways chop and maybe don't punch through that until, uh, October or a little after.
Corey, I'm gonna give you 10 points for use of the phrase let us handed.
Unfortunately, I'm out of time.
Please come back.
My best to the great John Har over there, we'll talk to you again soon.
Corey Clifton, CEO of Swan Bitcoin.
Corey, thank you.
