Speaking at a Mizuho event, MicroStrategy Executive Chairman Michael Saylor stated that it is highly probable Bitcoin bottomed out near $60,000 in February of this year. He argues that the market successfully flushed out forced sellers at that time, creating a solid foundation for the current support levels.
Saylor pointed out that market reversals are typically driven by capital structure and liquidity rather than mere investor sentiment. With spot ETFs consistently absorbing market supply and an increasing number of corporations adding Bitcoin to their balance sheets, he noted that selling pressure has diminished significantly.
From Asset to Capital Engine
Saylor offered a unique perspective on the drivers of the next bull market. He believes that future Bitcoin price appreciation will no longer rely solely on a simple "buy and hold" mentality, but will instead stem from the emergence of banking and digital credit markets built directly on top of the Bitcoin network.
"We want to transform Bitcoin from a non-yielding asset into a capital markets engine," Saylor said. He pointed to MicroStrategy’s issuance of STRC preferred shares as a prime example, noting that the product’s 11.5% yield proves the viability of digital credit—a figure he claims is still far below the company’s long-term expectations for Bitcoin’s appreciation.
Addressing recent market concerns regarding quantum computing, Saylor remained skeptical. He emphasized that the so-called quantum threat remains purely theoretical, potentially decades away from practical application, and argued that by the time such technology matures, the industry will have already developed the necessary countermeasures.
Mizuho analysts Dan Dolev and Alexander Jenkins maintained their "Outperform" rating on MicroStrategy in a recent report, setting a price target of $320. Based on the current share price of $127, this suggests an upside potential of approximately 150%.
