Bitcoin (CRYPTO: BTC) was rejected at $80,000 and is trading around $78,000 following Kevin Warsh’s speech at Jackson Hole.

Yet, Bankless host Ryan Sean Adams and venture capitalist Haseeb Qureshi say the rally may have more room to run.

Their bull case rests on crypto sellers appearing exhausted, while Treasury actions aimed at lowering long-term yields revives the so-called debasement trade.

“Crypto is intrinsically reflexive,” Qureshi said on the podcast on Thursday. “Upward moves breed upward moves.”

Why Bitcoin Is Moving

Qureshi said the move began with macro, but it is now being reinforced by market positioning.

He sees Bitcoin’s late-June low near $58,000 as likely the cycle bottom.

Still, he said options markets imply a wide…