Is This The Last Big Bitcoin Dip Before New ATHs? w/ John Gillen
Speakers
John Gillen
— Co-Host, Milk Road Macro
LG Ducet
— Host
Summary
John Gillen analyzes Bitcoin's pullback as leverage-driven and expects a possible dip to 70K, but views it as a buying opportunity ahead of the Clarity Act. He remains bullish on the S&P 500 due to economic reacceleration and AI investment, while highlighting macro risks from rising bond yields and energy costs.
- Bitcoin's recent rally was fueled by leverage and speculation, not spot demand.
- A pullback to 70K or lower is possible before a sustained recovery.
- The Clarity Act's progress in the Senate is a bullish catalyst for crypto.
- John sees any dip as a long-term accumulation opportunity.
- S&P 500 outlook is positive driven by manufacturing and AI capex.
- Bond yields are rising due to inflation and fiscal concerns from the energy crisis.
- Oil prices remain elevated due to the Strait of Hormuz closure.
- Long-term fundamentals for digital assets remain strong despite short-term price weakness.
Trade Ideas
Dip to 70K is buying opportunity
Bitcoin's recent rally was driven by leverage and speculation with low spot volume, making a pullback likely to the 70K support level. However, the Clarity Act passing would be very bullish for crypto, so any dip represents a strong long-term accumulation opportunity. The combination of a near-term correction and a positive regulatory catalyst creates an asymmetric setup for patient buyers.
S&P 500 continues its uptrend
The S&P 500 is supported by economic reacceleration, strong ISM manufacturing data, AI capex, and a pickup in the business cycle. While pullbacks are normal, the overall trajectory remains higher, making the index a long-term hold despite short-term volatility.
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This Milk Road Macro video, published May 18, 2026, features John Gillen discussing BTC, SPY. 2 trade ideas extracted by AI with direction and confidence scoring.
Speakers: John Gillen · Tickers: BTC, SPY