Did the Bitcoin Bottom Just Print — Or Is the Worst Still Coming? | Truth Block

**Hurley** (0:00)
How much lower does this go? Last week, the price fell off a cliff, a brutal slide down to 59k. And the fear out there is the worst it's been in years. In the one chart everyone trusts to call the bottom, they're saying it just snapped. Analysts are throwing out 40k Bitcoin targets. The Clarity Act, the crypto bill Washington swore would change everything, its odds of being signed this year are dwindling. And everyone is convinced Michael Saylor is the one killing Bitcoin. And then this morning, while the eulogies were still being typed, Strategy announced a 1,550 Bitcoin purchase. So is this the desperate move of a cornered man scrambling for damage control? Or the smartest buy of the entire cycle? And is the bottom in? Or is 40,000 Bitcoin still coming? This is Truth Block, I'm Hurley, let's mine truth.
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Friday afternoon, Bitcoin dropped under 59k for a few minutes, the lowest we've seen since February. The monthly RSI, which simply measures how beaten down something is, just hit the second lowest reading in Bitcoin's entire 16 year history. We haven't seen sentiment this bad since 2015, back when people genuinely believed Bitcoin was going to die and never come back. In that long term trend line, the power law, the one that's caught almost every bottom Bitcoin has ever made, people are lining up to declare it dead. Northstar, a well followed chartist, says, we've already broken below long term support and things are about to get a lot worse. He's calling for 40k Bitcoin by the fourth quarter of this year. Let's start with why we're down here in the first place. Because the honest answer isn't Bitcoin is failing, it's that the money is leaving.
And it's all running to one place.
We covered this rotation into AI stocks and upcoming IPOs in the last episode. But today I want to bring in Luke Groman from his latest appearance on Natalie Brunel's Coin Stories.

**Luke Groman** (2:04)
If you look at sort of the underpinnings of this market run, they're not really healthy, actually.
The headline indices, yes, all time high, all time high, all time high. And it's like seven stocks.
Just saw a chart yesterday that X things related to AI, the S&P 500 is flat to down slightly from the day before the Iran War started. We've seen the stuff about breadth. And I think that's breadth of the market is very, very poor for where we are in terms of the headline indices. And I think what's ultimately happening is AI is sucking all the oxygen out of the room, all the liquidity out of the room. And it's all in one area. And I think that's happening to Bitcoin as well. I think it's a victim of that as well. And as we've talked about many times, Bitcoin is one of, if not the last functioning smoke alarm of liquidity. And it's telling us not good things. Now at the same time, we also have oil sucking liquidity out of the room. And we are doing everything we can to try to keep oil down. Well, we, the Trump administration, the US doing everything they can to try to keep oil down, mostly via jawboning, Western SPR releases, et cetera. But oil is up 50, what, 50% from, even at these relatively lower levels, it's up 50% since the war started. So give or take. So I think you got oil sucking oxygen out of the room, commodities sucking oxygen out of the room, AI sucking oxygen out of the room in terms of liquidity, and everything else that isn't one of those three things are directly related to it.

**Hurley** (3:49)
Here's what Gromann is really telling you, and it's bigger than Bitcoin. That stock market hitting the all time highs, it's a magic trick. Pull out a handful of AI names and the whole thing is flat down. The everything's fine and the economy is booming headline is a facade. And Bitcoin is the one honest instrument on the board calling its bluff. When the most sensitive money in the system is the thing bleeding, it's not telling you Bitcoin is broken. It's telling you the liquidity is being quietly drained out of everything to feed a single trade. And we all know how that story ends. When the real economy can't find itself, there's only one tool left in the drawer.
The printer. We always end up back at the printer. And it's not just Bitcoin getting drained. Gold's gone soft. Silver is down 44% from its high. Funny enough, the same crowd that loves to wave gold around to dunk on Bitcoin got very quiet once their metal stops performing. This isn't a Bitcoin problem. This is capital fleeing every store of value on earth to go chase the hottest trade in a generation. And what you do while everyone else is fleeing is the whole ballgame. When the price is falling and the fear is this thick, the instinct is to sell.