Bitcoin was showing strong signals in the first month of 2026, but now that seems to be just New Year optimism that slipped away into a moment in time.
Since the 1st of February, BTC dropped below the $80K mark, and with the start of U.S.-Iran tensions, bears outpaced bulls. Even though Bitcoin was stronger than gold, silver, and the S&P 500, it still failed to cancel out the cautious market sentiment.
Bitcoin’s social chatter raises eyebrows
In fact, as per a recent analysis from Santiment, Bitcoin [BTC] saw its “highest ratio of bearish discussions (fear)” since the 28th of February across X, Reddit, Telegram, and other such platforms.
At press time, BTC traded near $69,090.
This sentiment was further confirmed by the Crypto Fear and Greed Index, which was in the “Extreme Fear” zone at the time of reporting. In fact, since mid-January, the index has been oscillating only between the “Fear” and “Extreme Fear” zones.
Michael Saylor’s buying spree continues
However, not everyone is buying this sentiment.
Michael Saylor, who has always followed a “buy-the-dip” strategy, is hinting at buying again. This has even dispelled the ongoing chatter from last weekend, when Saylor did not come up with his usual “Orange Dot” tease on X.
As per the fresh tease, Saylor is hinting that Strategy is “Back at Work” and with 104 purchases already done, the next buying spree will mark the 105th purchase of Strategy.
With such aggressive Bitcoin buying moves, Strategy now holds 762,099 BTC worth worth $52,59 billion. In fact, since the 28th of February, Strategy has made 4 purchases totalling 44377 BTC.
However, despite such moves, the stock price of MSTR was sitting at $119.83 at press time after seeing a drop of 2.4%, down by $2.95 per share.
How will upcoming events shape Bitcoin?
That being said, as sellers are clouding buyers around the largest cryptocurrency, various upcoming events might change things for good. In fact, Santiment also believes that markets usually move in “the opposite direction of the crowd’s expectations”.
So, with the ongoing debate around the CLARITY Act, increasing geopolitical turmoil, and “a high level of FUD,” there’s a good chance that “things can turn positive sooner rather than later”.
Needless to say, this prompts a question: Will this impact Saylor’s buying spree?
Interestingly, the answer is simple because Saylor never worried about the short-term noises.
So, if things turn good for the crypto market, it will be good for Strategy, but if it doesn’t, Saylor will continue to buy like always.
This comes as ABMCrypto recently reported Saylor’s latest bullish thesis, where he had put it best when he said,
Bitcoin has won.
Final Summary
- Despite Bitcoin performing better than traditional assets, the sentiment around Bitcoin have turned bearish since the U.S. attacked Iran.
- Michael Saylor’s confidence in Bitcoin reflects his long-term conviction in the leading cryptocurrency.
