Michael Saylor, MicroStrategy CEO and prominent Bitcoin advocate, believes that the cryptocurrency may have found its bottom at $60,000. Speaking live on CNBC, he said that after peaking near $125,000 in October, the market is now entering what he calls the 'spring phase'. According to Saylor, the current support levels around $60,000 are a sign of a potential rally.
Crypto analyst Crypto Coach Luis agrees with Saylor's assessment. He points out that several technical indicators suggest that Bitcoin may be building a major base. These include a weekly RSI divergence, falling volatility, heavy ETF outflows in June, and the formation of a momentum bottom near $60,000.
Luis also notes that Bitcoin is approaching a key daily price gap, with a strong breakout potentially establishing a range between $57,000 and $80,000. However, he cautions that a sustained move below the February 6 low would invalidate the bullish setup and increase the risk of new lows.