New York, June 6, 2026, 18:02 (EDT)
- Bitcoin is trading just over $60,000 after dipping under that mark for the first time since October 2024.
- ETF outflows, a small but symbolic bitcoin sale from Strategy, and bearish cycle calls have made the price dip a wider test of confidence.
Bitcoin hovered around $60,719 on Saturday, rebounding after a slip under $60,000 the day before, with a session low of $59,630. Prices fell to levels traders hadn’t seen since late 2024, with many on watch to see if this weekend’s move above $60,000 can stick.
The selloff is making itself felt, hitting spot bitcoin ETFs, corporate treasury buyers, and hopes for easier U.S. policy—each a leg of the last rally. Spot bitcoin ETFs, which hold bitcoin and trade on exchanges, saw about $4.4 billion in net outflows from May 18 to June 5, according to Farside Investors.
Strategy, the bitcoin treasury firm led by Michael Saylor and the top corporate bitcoin holder, put more pressure on the market after disclosing its first bitcoin sale since 2022. It was a tiny sale — just 0.004% of their total bitcoin, according to Reuters — but it hit a market with few willing buyers.
Gold advocate Peter Schiff, chief economist at Euro Pacific Asset Management, warned a move under Friday’s low might spark what he described as a “Crypto Black Monday.” Bitcoin’s dip below $59,750 erased all its post-election 2024 gains, according to TheStreet.
Crypto-linked stocks like Strategy, Coinbase and miners MARA and Riot sold off too, according to Seeking Alpha. Investors questioned if bitcoin’s drop signaled a rally pause seen in 2025 or the first leg of another decline like 2022.
Some on Wall Street are pushing back against Schiff. Geoffrey Kendrick, Standard Chartered’s global head of digital assets research, told clients he is sticking with his $100,000 bitcoin target for year-end. He said a dip under $60,000 could draw more selling, and called the past week “painful,” but thinks investors could later see this as “the buying zone.” Reuters
Bob Loukas, a longtime crypto analyst, is taking a colder look at the cycle. He said bitcoin is now in the last phase of its four-year cycle and thinks it might drop again before hitting a lasting bottom. Loukas pointed to $53,000 as the level where his model portfolio would go back to full bitcoin.
Loukas sees a chance of a shorter-cycle low, but he puts the odds at about one in four. He still expects a cycle low more likely around October or November. Bitcoin is now in month 43 of its cycle and coming up on the stretch where four-year lows usually happen.
Bitcoin keeps losing ground as big money heads for AI stocks and IPOs, Reuters said Friday. It’s on track for its weakest year-to-date run in at least 10 years. Stablecoins and other tokens are also eating into bitcoin’s slice of the crypto market, according to Reuters.
Biggest worry is straightforward. If bitcoin drops below the high-$50,000s again, technical sellers and ETF outflows could push each other lower. But if bitcoin can stay above $60,000 and ETF withdrawals ease, Kendrick’s “buy zone” idea faces a clearer test, with shorts already loaded up after the sharp move down.
