Nansen CEO predicts Bitcoin has seen its last sub-$60K price: Alex Svanevik
The cryptocurrency sector is maturing through real-world asset integration, and Bitcoin has permanently surpassed the $60K floor, according to Nansen CEO Alex Svanevik.
The cryptocurrency industry is finally moving beyond the "quick profit" image that has characterized it for over ten years, according to Alex Svanevik, founder and CEO of Nansen — and the shift isn't simply happening because profits have become harder to come by in current market conditions.
"Blockchain-based crypto assets have essentially been in the 'toy world' phase until now. We're transitioning into an era focused on real-world applications, evidenced by tokenized equities and people actively trading traditional market indices such as the S&P 500 on platforms like Hyperliquid," Svanevik tells Magazine during an appearance on the Trade Secrets show.
"The fascinating position blockchains occupy at this moment is that they're essentially creating substantial opportunities for assets outside the traditional crypto sphere," Svanevik explains.
Svanevik has identified several blockchain networks that he finds particularly promising for future growth. Despite Hyperliquid's recent surge in industry attention, Svanevik maintains that Solana remains among the most robust long-term blockchain platforms, notwithstanding its association with meme coin trading.
Industry has a 'ridiculous' misconception about Solana
"The perception has emerged that Solana exists solely for meme coin speculation, which I believe is absolutely ridiculous," Svanevik states, emphasizing that the blockchain offers far more substance, particularly considering the "incredible team" driving its development.
"Arguably the most effective business development team, in the broadest sense, supporting that particular chain; they're genuinely committed to achieving market dominance," Svanevik explains.
Despite his optimism about the platform, he's refraining from making specific predictions regarding SOL's token price trajectory over the next year:
"My view is that Solana as a comprehensive ecosystem and blockchain network is positioned to perform well. What that translates to for the SOL token price, I can't say definitively. Logically, you'd expect it to appreciate based on what I'm describing."
Among the cryptocurrency industry's most well-informed commentators, Svanevik leads Nansen, a blockchain analytics platform that monitors millions of identified wallets and examines user behavior across various networks. Svanevik established Nansen in 2019 together with Lars Bakke Krogvig and Evgeny Medvedev.
Several years later, Svanevik broadened his crypto industry participation by joining the advisory board for the penguin-themed NFT project Pudgy Penguins during August 2022.
Svanevik also expresses optimism regarding the Ethereum layer-2 solution, Robinhood chain, which went live on July 1 this year.
"Robinhood appears to be emerging as a significant competitor to Base. This is particularly intriguing because Robinhood possesses exceptional distribution capabilities," Svanevik observes. However, for traders hoping to capitalize on an early token launch opportunity, he remains skeptical that Robinhood will introduce a native token.
"They obviously don't have that necessity, correct? Many blockchain projects have issued tokens as a mechanism to generate excitement and attract users," Svanevik points out.
He further contends that launching a token would be illogical for Robinhood, as it would create competition with the company's publicly traded stock on the Nasdaq. "The logical approach would be to direct all that value into the HOOD stock. That's the initial consideration," Svanevik explains.
"They've successfully launched Robinhood chain and achieved significant traction without issuing a token."
Bitcoin may be near a bottom
Regarding Bitcoin's future price movement, Svanevik believes the market might be nearing a floor, proposing that the present price level hovering around $60,000 could represent Bitcoin's lowest point in this market cycle.
"My individual perspective is that Bitcoin won't drop beneath the $60,000 threshold again," Svanevik states. "I believe that's now in the past... I mean permanently," he elaborates. His conviction stems from viewing Bitcoin as protection against central bank monetary expansion, and he anticipates the worldwide money printing cycle will persist indefinitely.
Market analysts studying Bitcoin remain split on whether the digital currency has already reached its cycle bottom following its descent to approximately $60,000 in early February, subsequent recovery, another dip below that threshold, and current sideways trading pattern.
Seasoned cryptocurrency investor Michael Terpin shared with Cointelegraph recently that the digital asset hasn't yet reached its lowest point in this cycle.
"We're not finished experiencing downside pressure," Terpin stated to Cointelegraph during his Trade Secrets show appearance. According to Terpin, Bitcoin will eventually decline "66%" from its October 2025 peak of $126,100. "My calculation puts us somewhere in the 40s, and that's approximately where I expect we'll bottom out," Terpin predicted.