24.06.202619:41 Forex Analysis & Reviews: Time for Saylor of Strategy to take pause

While the crypto market is actively sliding, of course, in search of another bottom, I came across an interesting interview with CryptoQuant CEO Ki Young Ju, who made an unexpected public appeal to Michael Saylor, head of Strategy.

Ki Young Ju thinks Saylor should put Bitcoin purchases on pause. His argument is based on hard online analytics. The market absorbed hundreds of billions of dollars of new capital over the past two years — via spot ETFs, corporate reserves and institutional demand — yet the price of Bitcoin has barely changed over the same period. Since March 2024, ETFs and Strategy together have accumulated more than 1.24 million BTC, but prices have returned roughly to the levels that prevailed at the start of that accumulation period. According to the CryptoQuant CEO, the explanation is simple: Strategy's constant buying now acts as a shock absorber, preventing a deeper correction but not creating the conditions for sustainable growth. Strategy is effectively buying from sellers who, without that support, would have capitulated much earlier.

The CEO's concrete recommendations read almost like a financial restructuring plan. Ki Young Ju suggests that Strategy temporarily halt Bitcoin purchases, build cash reserves, move to a more systematic approach to position building, and consider partial profit?taking in the next bull market. Clearly, as long as Strategy methodically buys every dip, that capitulation is postponed — leaving the market stuck, unable either to fall deep enough to form a genuine bottom or to rally without fresh external capital. A kind of artificial support that, in the long run, only lengthens the cycle.

CryptoQuant's thesis fits the picture we've seen in recent weeks. Mining difficulty fell 10% in a week — the second?largest drop since January — 20% of miners are operating at a loss and are forced to sell coins. The 30?day outflow from Bitcoin ETFs hit a record $6.35 billion. BlackRock continues moving assets to Coinbase Prime. All of these are signs of growing stress that, without artificial support, could already have triggered the kind of capitulation that historically has marked the start of a new growth cycle.

Trading recommendations

Bitcoin

Buyers are now targeting a return to $64,000, which opens a straight path to $65,500 and then to $67,700; a break above that would signal attempts to re-establish the bull market. On a drop, I expect buyers at $62,300. A reclaim of the instrument below that area could quickly push BTC down toward $61,200. The furthest target would be around $59,600.

Ethereum

A clear hold above $1,686 opens a direct path to $1,764. The farther target is the high near $1,838; a break above that would indicate strengthening bullish sentiment and renewed buyer interest. During a downward move, I expect buyers at $1,615. A move back below that area could quickly send ETH toward $1,557, with the farthest target around $1,496.

What's on the chart

• The red lines represent support and resistance levels, where the price is expected to either pause or react sharply.
• The green line shows the 50-day moving average.
• The blue line is the 100-day moving average.
• The lime line is the 200-day moving average.

Price testing or crossing any of these moving averages often either halts movement or injects fresh momentum into the market.