Bill Miller "Bitcoin, technical structure improving…possibility of breaking previous highs"
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Summary
- Bill Miller said Bitcoin's technical structure has improved, making it possible to break previous highs.
- He stated that changes in the U.S. regulatory environment, Wall Street's move into on-chain, and major traditional financial institutions building blockchain infrastructure are a favorable backdrop.
- He said Bitcoin is volatile but an asset to be observed over long-term cycles.
Bill Miller, Chief Investment Officer (CIO) of Miller Value Partners, forecasted that Bitcoin (BTC) could break previous highs this year.
According to Cointelegraph on the 6th (local time), he said in an interview with CNBC, "Bitcoin looks to be preparing to rise again from a technical standpoint," explaining that "it is likely to retest previous highs, and changes in the U.S. regulatory environment and Wall Street's move into on-chain are supporting this."
Miller said, "The current chart structure of Bitcoin has clearly improved compared to before," adding, "technical conditions that could push it upward again after a short-term correction are forming." He emphasized that this movement is not a simple price rebound but is linked to changes in market structure.
He specifically cited SEC Commissioner Paul Atkins' recent remark that "capital markets are gradually moving on-chain." He added that major traditional financial institutions, including J.P. Morgan, are continuously building blockchain-based payment and settlement infrastructure, which also creates a favorable environment for Bitcoin.
Miller also assessed Bitcoin's recent underperformance relative to gold prices as "a natural process given the asset's high volatility." He said, "Bitcoin is an asset that should be observed over long-term cycles rather than short-term price movements," and "temporary relative weakness does not mean the trend has been broken."
