Bitcoin could be entering a new phase after months of weakness, with Michael Saylor suggesting that the market may have already found its bottom.
Speaking live on CNBC, Saylor said Bitcoin peaked near $125,000 in October before falling to around $60,000. He now believes the market is entering what he called the “spring phase.”
“At the top in October, about 125, I think we bottomed at 60. I think we’re moving into the spring phase. We’ve got decent support here at these levels. I think we’ll rally from here.” He said.
Saylor acknowledged that Bitcoin is still facing macroeconomic headwinds but the $60,000 region is providing solid support.
One Analyst Sees Multiple Bottom Signs
Crypto analyst Crypto Coach Luis is seeing a similar setup and says several signals are now lining up:
- Weekly RSI divergence: Bitcoin is showing a divergence that has historically appeared around major market bottoms.
- Volatility falling: Volatility has dropped to accumulation levels, which means retail interest is fading while longer-term investors remain active.
- Heavy ETF outflows: Luis highlighted June’s major ETF outflows as a potential sign of forced selling and capitulation.
- The $60,000 momentum bottom: He believes Bitcoin’s momentum bottom formed near $60,000, similar to the early stages of the 2022 bottom.
- Weekly market structure: Bitcoin is attempting to reclaim roughly $65,700. A weekly close above that level would create the first major bullish market structure break of the bear market.
- Failed breakdown: Bitcoin repeatedly failed to remain below key lows despite bearish news, a pattern Luis considers a potential bullish reversal signal.
Bitcoin’s Next Move
Bitcoin is now approaching a key daily price gap. A strong breakout could establish a range between roughly $57,000 and $80,000, while a move above $73,000 could open the path toward $84,000 by September or October.
However, according to the analyst, the more likely scenario is an initial rejection at the gap, followed by a higher low in August or September before a stronger breakout. A sustained move below the February 6 low would invalidate the bullish setup and increase the risk of new lows.
Ethereum Also Shows Strength
Luis identified $2,000 as Ethereum’s key psychological level. A rejection could keep ETH in a $1,500-$2,500 range, while flipping $2,000 into support could trigger a stronger rally.
With Bitcoin rising despite negative news and Bitcoin dominance increasing, Luis said capital may be returning to BTC before a broader altcoin rally. Together, Saylor’s $60,000 bottom thesis and Luis’s technical metrics show Bitcoin may be building a major base.