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Michael Saylor thinks Bitcoin has already put in its cycle low. Speaking at a private Mizuho analysts' dinner in Miami this week, the Strategy executive chairman told the room that&nbsp;<a href="https://bsc.news/post/what-is-bitcoin-how-it-works-mining-digital-gold-guide" rel="noopener noreferrer nofollow">Bitcoin</a> likely bottomed near $60,000 in early February 2026, and that the worst of the selling is behind the market.With BTC now trading around $72,000, the market has already climbed roughly 15 to 20 percent off from the level he flagged.<h2 id="span-span-strong-why-saylor-thinks-the-bottom-is-in-strong-span-span">Why Saylor thinks the bottom is in</h2>Saylor's reasoning is not built on a chart pattern or a valuation model. According to notes from Mizuho analysts Dan Dolev and Alexander Jenkins, who attended the dinner, Saylor framed the February low as seller exhaustion. Forced sellers got flushed. Over-leveraged miners capitulated. Weak hands handed their coins to stronger ones. Bottoms form when the selling stops, he argues, not when price hits a target.He also pointed to what is now sitting on the demand side:<ul><li>Sustained spot ETF inflows that continue to absorb daily new supply from miners</li><li>Corporate treasuries reallocating into Bitcoin</li><li>Improving macro liquidity, with rate-cut expectations adding tailwinds</li></ul>The picture he painted is a market where the supply overhang has cleared and steady institutional bids are doing the heavy lifting.<h2 id="span-span-strong-the-quantum-threat-overblown-strong-span-span">The quantum threat? Overblown</h2>The other thing Saylor wanted to clear up was quantum computing. Fears that a future quantum machine could crack Bitcoin's cryptography have been circulating for months, and he is not buying the panic.His position is straightforward. The threat is theoretical and likely decades away from anything practical. Even if quantum computing did advance to the point of threatening current cryptography, Bitcoin is open source. The community would upgrade the protocol long before any real attack became viable. Saylor has been making this case for a while, and he reportedly mentioned that Strategy has been working with other large holders on a Bitcoin security council to coordinate on long-term risks like this one.<h2 id="span-span-strong-the-bigger-vision-bitcoin-as-a-credit-engine-strong-span-span">The bigger vision: Bitcoin as a credit engine</h2>Saylor did not stop at the bottom call. He used the dinner to push his longer-term thesis, which is that the next leg up for Bitcoin will come from credit markets built on top of it.He pointed to existing digital credit products, including Strategy's own STRC preferred stock, which yields 11.5 percent. That number is high by traditional standards, but in Saylor's framing, it is still well below what he expects Bitcoin itself to return over the long run. The bigger catalyst, he says, is true banking credit denominated in or backed by Bitcoin. That is where he sees BTC moving from a non-yielding asset into what he called a capital markets engine.With ETF flows steady and corporates still adding BTC to balance sheets, the infrastructure for those credit products has more demand to lean on than it did a year ago.<h2 id="span-span-strong-mizuho-still-bullish-on-strategy-strong-span-span">Mizuho still bullish on Strategy</h2>Mizuho analysts came out of the dinner unchanged on their view of Strategy, keeping their Outperform rating with a $320 price target, which implied roughly 150 percent upside at the time of the report.&nbsp;<a href="https://x.com/Strategy" rel="noopener noreferrer nofollow">@Strategy</a> remains the largest corporate Bitcoin holder, and Saylor has shown no signs of slowing the accumulation.His track record on big-picture calls is strong, even if his short-term timing has missed in past cycles. This time, with $BTC already moving in his direction, the call is harder to wave off. Whether February 2026 holds as the actual cycle low is something the next few months will settle. For now,&nbsp;<a href="https://x.com/saylor" rel="noopener noreferrer nofollow">@saylor</a> is doing what he has always done: stacking, building credit products on top, and telling everyone else to stop worrying about quantum computers.Sources:<ul><li><a href="https://www.coindesk.com/markets/2026/04/08/michael-saylor-says-bitcoin-has-likely-bottomed-quantum-risk-overblown" rel="noopener noreferrer nofollow">CoinDesk</a> Detailed coverage of the Mizuho event including the digital credit and banking angle.</li><li><a href="https://uk.finance.yahoo.com/news/strategy-saylor-btc-likely-bottomed-112414060.html" rel="noopener noreferrer nofollow">Yahoo Finance UK</a> Primary summary of Saylor's remarks at the Mizuho dinner.</li></ul>

Bitcoin Bottomed at $60,000 Says Michael Saylor

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