Bitcoin Price Prediction: $60K Support Tested as Saylor Buys

Bitcoin is pulling back while two narratives collide: Michael Saylor signals more accumulation, while bearish chart watchers target a deeper drop. As Strategy’s holdings climb past 712,000 BTC, Elliott Wave traders still point to $60,000–$63,000 as the next major downside zone. Saylor Signals More Bitcoin Buys as Strategy Holdings Top 712,000 BTC Michael Saylor posted “More Orange” alongside a chart that tracks Strategy’s Bitcoin purchases, pointing to continued accumulation. The graphic shows the firm’s Bitcoin reserve value at about $55.80 billion, based on holdings of 712,647 BTC as of Feb. 1, 2026. Bitcoin Reserve Value Chart. Source: StrategyTracker via X (Michael Saylor) The chart also lists an average purchase cost of $76,038 per coin and shows 96 purchase events in the selected period. Orange markers on the price line map the firm’s buys across multiple market cycles, while a separate line tracks the average purchase price rising over time. Price action on the same view shows Bitcoin trading well above the firm’s average cost despite a recent pullback from late-cycle highs. As the average cost line trends higher, the chart implies the company kept adding at progressively higher prices rather than limiting buys to major dips. Bitcoin Extends Selloff as Analyst Flags Wave-3 Crash Toward $60K Meanwhile, Bitcoin has extended its decline, now down about 41% from its October 6, 2025 peak near $97,900, as selling pressure accelerates across the daily chart. The latest drop follows weeks of lower highs and lower lows, reinforcing a broader bearish structure rather than a short-term pullback. Bitcoin Daily Log Scaling Chart. Source: X (King of the Charts) According to chart analysis shared by King of the Charts, Bitcoin has entered what he describes as a crash phase tied to an Elliott Wave count. He argues that BTC completed a corrective wave near the October top and has since moved into Primary Wave 5, with price currently falling inside Intermediate Wave (3). That phase typically marks the strongest and fastest leg lower within a broader decline. The chart projects downside continuation toward the $60,000 to $63,000 zone, which aligns with a roughly 50% drawdown from the cycle high. The analyst also points to the 200-week moving average, now near $58,000, as a potential gravity point if downside momentum persists. Until price reaches that area, the structure suggests the decline has not fully played out. Looking ahead, the analysis outlines a sharp countertrend rally once a bottom forms, potentially lifting Bitcoin back toward the 200-day moving average in the $90,000 to low $100,000 range. However, that rebound is framed as a bear-market rally rather than a trend reversal, with the broader projection calling for a deeper drawdown later in the cycle.