Jamie Coutts: Bitcoin Approaches the Final Stages of the Bear Market

According to Jamie Coutts, a senior cryptocurrency analyst at Real Vision, Bitcoin may be entering the final stages of the bear market, and its downward momentum is decreasing.

In a report by Mihan Blockchain, Coutts states that it is still too early to talk about Bitcoin reaching $1 million by 2030, but he is confident that Bitcoin could rise to $250,000 in the coming years.

In an interview on the Trade Secrets program, he said:

I think we have passed most of the bear market. It is clear that this trend is not over yet, but I believe we are at least approaching the second half of this period.

He described the current behavior of Bitcoin's price as a "typical and common bear market," while Bitcoin is trading around $63,000, which is nearly 50% lower than its all-time high of $126,100 in October 2025.

Coutts noted that Bitcoin's volatility has decreased by about 50% compared to the previous market cycle, indicating that the current downturn may be less severe than past bear markets.

However, he warned that markets rarely follow historical patterns with such precision. He said:

Markets usually follow their own paths, and right now, all trend indicators are clearly bearish.

On the other hand, Coutts mentioned that he is seeing early technical signs of reduced selling pressure.

He explained:

I am observing a bullish divergence on long-term timeframes regarding price momentum. This simply tells me that the downward momentum is slowing, but it does not mean that we have technically exited this bear market.

While many market participants attribute Bitcoin's fourth-quarter decline to tightening global liquidity conditions, Coutts believes that weakening on-chain fundamentals have also played a significant role.

He added:

Therefore, on-chain demand, which is certainly a price driver and somewhat correlated with global liquidity and business cycles, has also begun to deteriorate.

Coutts' Doubts About Bitcoin Reaching $1 Million by 2030

When asked if he agrees with the long-term predictions of Brian Armstrong (CEO of Coinbase) and Cathie Wood (CEO of ARK Invest) that Bitcoin could reach $1 million by 2030, Coutts responded cautiously.

He said:

The models I was working with indicated reaching around a million dollars for the years 2032 or 2033. This is simply a function of how much money printing will be necessary by then.

He added:

I am more comfortable predicting Bitcoin reaching around $200,000 to $250,000 in the next two to three years.

He noted that predicting beyond this timeframe is "very difficult."

Coutts said:

I think it will be interesting to see what impact artificial intelligence will have on this equation. As you know, we are witnessing the creation of more wallets for AI agents; what will they essentially store their value in? Will they make the same decisions that humans make?

Regarding the long-term risks of Bitcoin valuation, Coutts believes that the cryptocurrency community must take more decisive actions to address potential threats from quantum computing by 2027.

He warned:

If decisive and serious action is not taken in this area, it will become a contentious issue for the network, as while everything is at risk from quantum, Bitcoin is a decentralized network, and implementing a major upgrade to the protocol of such a network will take five years.

Coutts concluded by saying that Bitcoin developers who ignore concerns about potential threats from quantum computing to the network are "on the wrong side of the issue."

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