The Real Reason Bitcoin Keeps Losing Momentum… And Where It Bottoms Next w/ John Gillen
Speakers
John Gillen
— Co-Host, Milk Road Macro
Summary
John Gillen discusses Bitcoin's weakness amid Middle East tensions, AI trade dominance, new Fed chair, and upcoming mega IPOs. He sees Bitcoin near support at 70K as a long-term buying opportunity and remains bullish on Ethereum, Near, and Solana.
- Bitcoin dipped below 71K due to Middle East escalation and Michael Saylor's small Bitcoin sale.
- John expects continued short-term weakness but strong support at 70K.
- He views the current dip as a multi-year accumulation opportunity for Bitcoin.
- He remains bullish on Ethereum and is looking to accumulate on dips.
- John allocated to Near Protocol and is long-term bullish on its fundamentals.
- He sees Solana as oversold and a potential recovery play.
- The AI trade overwhelms energy shocks and market concentration is high.
- Upcoming mega IPOs (SpaceX, OpenAI, Anthropic) may divert capital from crypto.
Trade Ideas
Bottoms near 70K, accumulate for multi-year.
Bitcoin is approaching strong support near 70K amid headwinds from Middle East conflict, Fed uncertainty, and capital flows into AI and mega IPOs. However, fundamentals remain strong and sentiment is overly bearish, making this dip a generational buying opportunity for long-term investors. Accumulate on weakness.
NEAR fundamentally strong, hold long-term.
Near Protocol has strong fundamental value from its technology (Near Intents) and product-market fit. He allocated capital and staked it, expecting the market to eventually recognize the value. Long-term bullish regardless of short-term price action.
SOL oversold, recovery opportunity.
Solana is extremely oversold and beat down relative to its strength as a leading Layer 1 chain. He sees a recovery opportunity as attention eventually rotates back to fundamentally strong assets that are out of favor.
ETH undervalued, accumulate for rebound.
Ethereum is undervalued due to negative sentiment and lack of attention, while its value proposition as global decentralized infrastructure remains intact. Macro reacceleration and a potential Fed pivot could drive a rebound, and new all-time highs are still possible before year-end. Accumulate on dips.
Up Next
This Milk Road Macro video, published June 01, 2026, features John Gillen discussing BTC, NEAR, SOL, ETH. 4 trade ideas extracted by AI with direction and confidence scoring.
Speakers: John Gillen · Tickers: BTC, NEAR, SOL, ETH