Michael Saylor, CEO of bitcoin investment company Strategy, said bitcoin has entered a strong support zone and could recover.

Cryptopolitan reported on May 22 that Saylor, in an interview, compared the recent bitcoin market to a “warming spring” and said a bottom was nearing.

Bitcoin has fallen over the past six months from $125,000 to the $60,000 range. Saylor also said in early April that bitcoin’s bottom was near $60,000. He cited improving macroeconomic conditions, expectations of interest rate cuts and inflows into spot exchange-traded funds.

Saylor also reaffirmed Strategy’s long-term buying stance. He said Strategy could buy all bitcoin mined from now through 2140. He cited steadily rising bitcoin demand from institutions and companies and an expanding digital asset credit market. The year 2140 is when the last bitcoin is expected to be mined.

Strategy is currently the listed company holding the most bitcoin. Its holdings exceed 840,000 BTC. It has bought more than 100,000 BTC this year alone.

Market sentiment remains bearish. Total digital asset market capitalisation is holding below $2.6 trillion, and 24-hour trading volume is around $75 billion. The fear and greed index showed investor sentiment has returned to the fear zone after a recent decline. Bitcoin has fallen about 3 percent over the past seven days and is down more than 12 percent since the start of the year. At the time of writing, it was priced at $76,863, and 24-hour trading volume fell 7.5 percent to $25.3 billion.

On-chain indicators are lending some support to Saylor’s claim. Glassnode explained that the market value to realised value ratio, or MVRV, is used to gauge market tops and bottoms by comparing bitcoin’s market capitalisation with holders’ total acquisition cost. When the ratio has moved closer to a fair-value zone, it has often overlapped with late-stage bear markets or accumulation phases in the past.

In derivatives markets, there were signs speculative positions were building again. Bitcoin open interest on Binance moved back above its 180-day moving average after eight months of deleveraging. Leverage risk remains high. Exchange data also suggested that if bitcoin falls below $73,655, cumulative long-position liquidations could exceed $1.5 billion.

Controversy is also continuing over Saylor’s message of “never sell.” Strategy has financed bitcoin purchases by issuing convertible bonds and preferred shares. It has also faced criticism over advice to sell some bitcoin to secure funds for dividends.

The key point of the remarks is that Strategy has put its long-term buying strategy back to the fore rather than focusing on a price outlook itself. It is notable that even as market sentiment has weakened, both corporate holdings expansion and shifts in derivatives positions are appearing together.