Saylor: Bitcoin Bottomed at $60,000 in February

Michael Saylor, executive chairman of MicroStrategy, stated that Bitcoin has likely reached its market bottom near $60,000 in early February, attributing the stabilization to the exhaustion of forced selling pressure. Speaking at a recent Mizuho investor conference, Saylor outlined factors supporting the cryptocurrency's recovery and dismissed concerns over quantum computing as a distant threat.

Saylor explained that Bitcoin's downturns typically conclude not with positive sentiment but with the depletion of supply from overleveraged miners and weaker holders who liquidated positions. This process, he said, cleared excess selling in early February, marking a turning point. At the time of his remarks, Bitcoin was trading around $71,200, reflecting a rebound from those lows amid broader market caution tied to geopolitical tensions in the Middle East.

Several elements are now bolstering Bitcoin's price floor, according to Saylor. Spot Bitcoin exchange-traded funds have generated steady inflows, absorbing much of the daily supply that might otherwise push prices lower. Expectations of improved market liquidity, driven by potential interest rate cuts, have also contributed to more...