Michael Saylor has identified key support for Bitcoin at $60.000 following the exit of forced sellers, while CryptoQuant's on-chain metrics project a prolonged exhaustion phase before the next bull run this year.
Michael Saylor, CEO of Strategy and a leading expert on corporate treasury strategy in Bitcoin, argues that the digital asset market has passed its most critical phase of liquidations.
According to the executive, Bitcoin has established solid support around the $60.000 mark, driven by the definitive exit of so-called "forced sellers." His view, shared during an investor event, suggests a stabilization scenario stemming from reduced margin selling pressure and the capitulation of players with urgent liquidity needs.
Buy Bitcoin today: click hereMichael Saylor's thesis on the Bitcoin market floor
According to Michael Saylor, the current market structure reflects a profound restructuring. The executive argues that the asset has successfully absorbed the impact of those forced to liquidate positions due to recent volatility.
As these players exit the ecosystem, the available supply at critical price levels tends to consolidate in the hands of long-term investors, reducing the likelihood of further sharp drops below the $60.000 per BTC threshold. Saylor emphasizes that this "washing" of weak hands It is a necessary component for the formation of a durable market floor.
During his recent speech, Saylor also addressed frequently asked questions regarding the technical threats circulating in the public debate about Bitcoin network security, downplaying the impact of quantum computing on blockchain integrity.
Saylor continues to characterize these risks as theoretical and significantly exaggerated in the short and medium term. From their perspective, the Bitcoin developer community possesses the necessary agility to implement software updates and cryptographic protocols resistant to quantum computing long before this technology poses a real operational threat to the network.
Their confidence in the adaptability of the blockchain protocol reinforces their position that Bitcoin's fundamental value and security remain intact in the face of future technological challenges.
Whales and metrics: The true capitulation of BTC
Despite Saylor's optimism regarding immediate stability, analysts at CryptoQuant offer a reading based on on-chain indicators that suggests the market is still in a "marathon of exhaustion".
While they agree that the market is cooling down, technical metrics indicate that the capitulation process is not yet complete. A critical point in this full test This is the behavior of whales or long-term holders (LTHs). Currently, these large investors are holding significant unrealized profit margins; historically, definitive market bottoms only materialize when these profits evaporate, forcing a final transfer of assets to more resilient buyers.
The MVRV Z-Score, a key metric for identifying overvalued and undervalued areas, supports this cautious view. According to analysts, this indicator has not yet entered negative territory, a condition that has preceded all of Bitcoin's all-time lows in previous cycles. Similarly, the absence of a "Death Cross" at the cost base—where the realized price of short-term holders falls below that of long-term holders—suggests that the market restructuring still needs to go through stages of financial pain before beginning a parabolic ascent.
Under this technical framework, analysts' projections place the definitive bottom of the cycle between October and December 2026, with a price target ranging between $55.000 and $60.000. This adjustment period would give way to a two-year accumulation phase which, combined with the impact of the Bitcoin halving scheduled for April 2028, would pave the way for a new peak in the second half of 2029.
While Saylor's view focuses on the resilience of the current price, technical analysis underlines that time, and not just price, will be the determining factor for the market's next major expansion.
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