- Bitcoin reclaims $100K, showing stronger support than during Trump’s previous victory spike.
- Saylor attributes the price resistance to short-term holders exiting, while institutions drive long-term growth.
Bitcoin [BTC] has once again reclaimed the spotlight by crossing the long-anticipated $100,000 threshold, signaling a potential shift in market sentiment after enduring a prolonged bearish stretch.
This resurgence appears more stable than the fleeting spike observed during Donald Trump’s presidential victory, when BTC momentarily soared to $109K before tumbling amid heightened economic uncertainty.
Now holding firm above $103K, with a modest 0.57% gain in the last 24 hours per CoinMarketCap, Bitcoin seems to be building a stronger foundation.
Saylor on Bitcoin
However, MicroStrategy founder Michael Saylor thinks that despite the hike, there would delay in BTC reaching the $150K mark.
This, he thinks, could stem from short-term holders exiting the market, even as a fresh wave of long-term investors begins to take positions, potentially setting the stage for a more sustainable rally ahead.
Remarking on the same, on the Coin Stories podcast with Natalie Brunell on the 9th of May, Saylor noted,
I think we’re going through a rotation right now where you know lots of non economically interested parties are rotating out of the asset, and then a new cohort of investors are entering.”
In his conversation, Saylor pointed out that a considerable portion of Bitcoin has been controlled by non-traditional holders like government bodies, legal custodians, and bankruptcy trustees.
This was especially true in the aftermath of major collapses such as FTX.
These entities, lacking a long-term investment perspective, held onto the assets only as part of procedural requirements.
With the recent bullish momentum in the crypto market, many of these short-term custodians viewed the rally as a prime exit point to secure liquidity.
Is Bitcoin’s journey to $105K possible?
According to Saylor, this wave of selling from those without a strategic investment outlook has curbed BTC’s climb toward higher targets like $150,000.
Still, he remained confident about Bitcoin’s long-term trajectory, noting that a new breed of institutional investors is stepping in through ETFs and corporate treasuries.
Saylor also added,
“In any macro panic, the most liquid leverageable asset is Bitcoin. Bitcoin is the only thing that you can sell, you can sell it short with 50x leverage on a weekend or an evening it’s going to be volatile and if someone wants to sell some financial asset because of some gloom and doom thing that’s happened they’re going to go to Bitcoin first because it’s the only thing they can trade and not just trade in the U.S. trade globally worldwide.”
However, amidst Saylor’s optimism for BTC, forever Bitcoin critic, Peter Schiff, took this opportunity to criticize the king coin, as he said,
Source: Peter Schiff/X
What are metrics hinting at?
Technical indicators are reinforcing the current bullish momentum.
Both the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) positioned above their respective neutral levels, signaling strong buying pressure and healthy capital inflow.
However, the RSI’s presence in the overbought territory raises the possibility of a near-term correction.
Source: Trading View
While overall sentiment remains optimistic, this overextension suggests that a short-lived pullback or consolidation phase could be on the horizon as the market seeks to establish a more sustainable trajectory.
However, a breakout above the $108K level could trigger a surge toward $120K.