Michael Saylor: Bitcoin likely bottomed near $60K; ETFs and credit may drive next rally
Michael Saylor (Strategy) said Bitcoin may have bottomed in early February around $60,000. He argued the selloff was driven more by seller exhaustion than by valuation signals, with limited ongoing selling pressure.
Saylor highlighted spot ETF inflows as a key balancing force, saying ETF demand is absorbing the market’s daily supply. He also noted corporate treasury allocations to Bitcoin can add steady, incremental demand.
Looking ahead, he suggested the next Bitcoin bull-market catalyst could come from banks building Bitcoin-based credit and “digital credit” rails. In his view, this would help Bitcoin evolve from a non-yielding asset into a capital-markets engine.
On the quantum-computing threat, Saylor dismissed it as overstated and largely theoretical, potentially decades away, with solutions likely by then.
Separately, Mizuho reiterated an “outperform” rating on Strategy and set a $320 target versus about $127 at the time, implying substantial upside.
Bullish
Saylor’s comments are structurally supportive for Bitcoin price expectations. By framing early-February near-$60K as a likely bottom and citing seller exhaustion, the news reduces the perceived probability of a fresh downside leg. The emphasis on spot ETF inflows as an ongoing absorber of daily supply is directly relevant to near-term flows, which traders typically monitor for stabilization and trend continuation. Adding the potential for corporate treasury allocations reinforces the idea of sustained institutional demand rather than only short-lived speculation.
The longer-term bullish argument—banks developing Bitcoin-based and digital credit rails—suggests a path for Bitcoin to gain additional utility and potentially attract new capital channels, which can improve sentiment and risk appetite over time.
The quantum-computing dismissal is also sentiment-supportive because it challenges a tail-risk narrative that could otherwise weigh on positioning. Overall, the combined flow-support (ETFs/treasuries) and future-utility theme outweigh the lack of new immediate catalysts, leading to a bullish bias for Bitcoin itself.