Bitcoin (BTC) Price Eyes $106K, Saylor Blames Short-Term Holders for Delay to $150K

Bitcoin (BTC) price traded around $103,315, rebounding from a brief dip below $100,000 earlier this week. According to MicroStrategy founder Michael Saylor, the asset’s push toward $150,000 stalled because many short-term holders exited during recent price swings.

Speaking on the Coin Stories podcast, Saylor described the current market action as a “rotation” — with short-term sellers stepping out and long-term ETF-backed buyers stepping in.

Bitcoin Sell-Off Came From ‘Non-Economic’ Holders

Bitcoin’s climb to a record high of $109,558 on Jan. 20 coincided with Donald Trump’s presidential inauguration. But the rally was short-lived. Prices dropped to $76,273 by Apr. 9 before reclaiming the $100,000 level in early May.

Saylor said that much of the recent selling pressure stemmed from investors without a “10-year mindset,” adding,

“A lot of Bitcoin, for whatever reason, was left in the hands of governments, lawyers, and bankruptcy trustees.”

Many of these entities sold as BTC price rallied, viewing the recovery as a “good exit point to get liquidity,” he added.

That activity, Saylor believes, temporarily capped upside momentum. “People less committed to the long term have taken the opportunity to exit,” he said.

New Class of Investors Enters Amid ETF Demand

Despite short-term exits, Saylor said a “new cohort of investors” is entering through exchange-traded funds and corporate treasuries. That trend aligns with ETF flow data.

Spot Bitcoin ETFs posted $564.7 million in inflows over the past five trading days, according to Farside data. Saylor’s firm, MicroStrategy, now holds 555,450 BTC, worth roughly $57.23 billion — 50.27% above its average purchase price of $68,569, per Saylor Tracker.

Trump’s March 7 executive order to establish a Strategic Bitcoin Reserve signaled a possible institutional policy shift. While Saylor said he was not surprised the government has yet to buy Bitcoin directly, he did express surprise at how quickly sentiment flipped.

“I was surprised that the U.S. embraced Bitcoin as radically as it has,” Saylor said. He noted increased enthusiasm among Trump’s cabinet members.

Technical Pattern Points to $106K for BTC Price Before Larger Move Toward $132K

Bitcoin (BTC) price is currently forming an ABCD harmonic pattern on the daily chart. This setup projects a potential breakout toward $106,562 — the next area of resistance. A move beyond that level could extend to $132,580 based on harmonic projections.

Bitcoin’s daily Relative Strength Index (RSI) stood at 75.23 on May 10, suggesting slightly overbought conditions. Still, bulls appear to maintain control, and the broader sentiment remains constructive as ETF inflows continue.

The harmonic structure suggests that if BTC price holds above the $100,000 mark and builds momentum, a retest of $132K could follow. This would mark a 28% rally from current levels and would likely bring Bitcoin closer to Saylor’s long-standing $150K projection.

Rotation Could Build Foundation for Bitcoin’s Next Leg Higher

While many traders eye $106K as the next technical target, Saylor’s focus remains on the bigger picture. He views the current environment as a foundational reset — one that clears out weak hands and brings in institutional capital with longer time horizons. Saylor said,

“The rotation is real…You’ve got governments and trustees exiting. Meanwhile, ETFs and treasuries are absorbing supply.”

With ETF participation rising, a new type of buyer is entering the market — one with fewer incentives to flip short-term profits. If that trend continues, Bitcoin (BTC) price may gain the base it needs to move toward $150,000.

Whether the next breakout occurs this quarter or later in the year, traders appear to be aligning around the same key levels: $106K, then $132K — and possibly $150K, if Saylor’s rotation thesis plays out.

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