Bill Miller: "Bitcoin (BTC) likely bottoms around $60,000"

JH Kim

Summary

Bill Miller said he sees Bitcoin’s medium- to long-term floor price at around $60,000.
He explained that, based on mining costs and on-chain data, the $60,000 range is where the number of loss-making and profit-making addresses becomes roughly similar.
Miller said Bitcoin could hit a new all-time high again this year and that he continues to maintain confidence in its long-term value.

An analysis suggests that Bitcoin’s medium- to long-term floor price is around $60,000. Bill Miller, a hedge fund industry veteran, cited mining costs and on-chain data as the basis for that level.

On the 5th (local time), Miller wrote on X, “The average cost to mine Bitcoin is about $60,000,” adding that “this level is where the number of addresses sitting at a loss and those in profit on-chain becomes roughly similar.”

He noted, “In past cycles, Bitcoin has often formed a bottom near its mining cost,” and added that “$60,000 also overlaps with levels where prior lows were formed.”

Miller is the chief investment officer (CIO) of Miller Value Partners and is known for a long-term investment approach across traditional financial markets and digital assets. He has previously included Bitcoin as a core investment holding.

Miller had also said last month that Bitcoin could set a new all-time high again later this year. He has repeatedly maintained that, regardless of short-term volatility, he remains confident in Bitcoin’s long-term value.