Lyn Alden Tells CNBC Bitcoin's Bottom Is In as Bessent's Treasury Buybacks Fuel Rally to $72,000
Bitcoin pushed through $72,000 this week, and two separate storylines out of Washington and Wall Street are getting credit for it.
BESSENT DOUBLES DOWN ON BOND BUYBACKS
Treasury Secretary Scott Bessent announced Wednesday that the government would "at least double" the maximum size of its buyback operations, from $2 billion to "at least" $4 billion, targeting the 10-to-20-year and 20-to-30-year portion of the bond market. The following morning, he went further, telling CNBC the operation could grow past that $4 billion ceiling and that his department is prepared to "make a market" in longer-dated securities where yields have been climbing. He declined to name a bigger number, saying it would depend on conditions.
ALDEN CALLS THE BOTTOM
Hours later, macro analyst Lyn Alden went on CNBC and made the more direct call: the fast money is out, Strategy is not expected to sell again, and there are not many downside catalysts left for Bitcoin. "By almost every metric, Bitcoin is near the low end of its valuation and sentiment range," she said, adding that hard assets that are "under-owned" tend to win out over the long run once a Treasury-and-Fed backdrop of financial repression takes hold. She stopped short of calling Bitcoin fully in the clear, noting it "isn't necessarily out of the woods yet."
WHICH CATALYST ACTUALLY MOVED THE PRICE
On the show, the hosts argued the real trigger was Bessent's buyback announcement rather than Wednesday's White House crypto summit, pointing to the order of events: the Treasury news hit first, and the price move followed before the summit even started. One host credited the summit with adding a second leg to the rally later in the day, while stressing the buyback news was the initial spark.
Either way, Alden's framing is the one worth sitting with: fast money is washed out, the biggest forced seller of the cycle has already recapitalized, and even a modest continuation from here is enough to pull technical and momentum traders back into a chart that no longer looks broken.
This story comes from the Simply Bitcoin Live show. Watch the full episode.
