Matt Mena, senior crypto research strategist at 21Shares, said on June 5 that bitcoin could revisit $55,000 if the key $60,000 support level breaks. Mena said buying interest has repeatedly emerged around $60,000, making it a critical floor for BTC, and that $55,000 aligns with bitcoin's realized price, or average on-chain cost basis. Over 50% of BTC holders are now at a loss, a level that has historically aligned with cycle bottoms, and the $55,000 level has acted as support during major drawdowns including the late-2018 crash, the March 2020 Covid crash, the 2022 FTX collapse, and through summer 2024.
$55,000 Support Level Aligns With Bitcoin Realized Price
Mena said the latest decline has pushed bitcoin into a more fragile sentiment zone. He said $55,000 now stands out because it aligns with bitcoin's realized price, or average on-chain cost basis. That level has acted as support during major drawdowns, including the late-2018 crash, the March 2020 Covid crash, and the 2022 FTX collapse. Bitcoin also held that area through summer 2024.
The strategist said: "With over 50% of BTC holders now at a loss, a level that has historically aligned with cycle bottoms, the $55K support level becomes the next crucial area to watch for a few reasons."
Strategy Sold 704 BTC in December 2022 Before Repurchasing 810 BTC
Mena said the market long viewed Strategy and Michael Saylor's BTC purchases as permanent capital. That assumption has now been challenged, weighing on sentiment. He noted that Strategy sold 704 BTC in December 2022 before repurchasing 810 BTC two days later and argued the latest selling concerns should be viewed in that context.
U.S. Economy Added 172,000 Jobs in May
Mena said bitcoin is absorbing a stronger labor report while holding near $62,000 support. The U.S. economy added 172,000 jobs in May, above expectations of 85,000. Unemployment held at 4.3%, while April payrolls were revised higher by 64,000. That reduces near-term pressure on the Federal Reserve to cut rates. Yet Mena said bitcoin's resilience shows underlying strength.
Mena Maintains $100,000 Year-End Target for Bitcoin
Mena maintained: "$100k remains our year-end target, and the need for a non-sovereign, censorship-resistant asset that can serve as a potential hedge against debasement is more important than ever."
The 21Shares strategist said the path to $100,000 has moved to year-end as macro forces shape the next phase. He expects bitcoin to benefit if the Iran conflict resolves, energy prices cool, inflation fears fade, and the Fed regains room to cut. Those conditions could support a retest of higher resistance levels, especially if BTC holds current support despite jobs data and Saylor-related pressure.
FAQ
What did Matt Mena say about bitcoin's support levels on June 5?
Matt Mena, senior crypto research strategist at 21Shares, said on June 5 that bitcoin could revisit $55,000 if the key $60,000 support level breaks. He said buying interest has repeatedly emerged around $60,000, making it a critical floor for BTC.
Why is the $55,000 level significant for bitcoin?
Mena said $55,000 aligns with bitcoin's realized price, or average on-chain cost basis. That level has acted as support during major drawdowns, including the late-2018 crash, the March 2020 Covid crash, the 2022 FTX collapse, and through summer 2024. Over 50% of BTC holders are now at a loss, a level that has historically aligned with cycle bottoms.
What is Mena's year-end target for bitcoin?
Mena maintained a $100,000 year-end target for bitcoin. He said the path to $100,000 has moved to year-end as macro forces shape the next phase, and he expects bitcoin to benefit if the Iran conflict resolves, energy prices cool, inflation fears fade, and the Fed regains room to cut.
