BitMine’s Tom Lee and Bitwise CIO Matt Hougan both point to signs of seller exhaustion after the early-October liquidation event, and suggest a potential bottom could form as soon as this week. Despite pressure from ETF outflows, whale selling, and macro uncertainty, Hougan argues that current prices represent a rare long-term buying opportunity. At the same time, Strategy reinforced its conviction in Bitcoin by purchasing 8,178 BTC for $835 million, boosting its already unmatched Bitcoin treasury. Michael Saylor continued accumulating despite falling BTC prices and a sharp drop in MSTR shares.
Analysts Say Bottom Is Near
Bitcoin may be approaching a turning point after one of its sharpest pullbacks of the year, according to BitMine chairman Tom Lee and Bitwise Asset Management CIO Matt Hougan. The asset briefly slipped below $90,000 this week , which was its lowest level in seven months, before recovering slightly. As a result of this, speculation is increasing that a market bottom could be forming.
BTC’s price action over the past 24 hours (Source: CoinMarketCap)
Speaking to CNBC, Lee said the market is still digesting the fallout from the major liquidation event on Oct. 10. He explained that traders are still cautious while they wait to see whether the US Federal Reserve will cut interest rates in December. According to him, these macro uncertainties are layering even more pressure on crypto, but the selling seems to be losing momentum.
He specifically mentioned comments from Tom Demar of Demar Analytics, who believes several indicators now resemble conditions that typically accompany a bottom. Lee said this turning point could emerge “sometime this week.”
The correction has been driven by a combination of factors, according to multiple industry executives. Heavy ETF outflows, long-term holders offloading supply, and geopolitical tensions have all contributed to the recent decline. Bitcoin’s dip below $90,000 on Tuesday just reinforced the sense of caution gripping the market.
Still, not everyone sees the downturn as something to fear. Bitwise’s Matt Hougan argued that the current prices represent a “generational opportunity” for long-term investors, and described the pullback as a “gift.” He attributed the market’s fragility partly to concerns surrounding the global economy, stretched valuations in artificial intelligence, and tariff-related uncertainty under US President Donald Trump. Despite the turbulence, Hougan believes Bitcoin will be the first major risk asset to find a floor, just as it was the first to show weakness before the market turn.
Hougan and Lee both expect a rebound, with Hougan saying investors who look a year or more ahead should see this period as an attractive entry point. Lee went even further by predicting that Bitcoin will not only recover but set a fresh all-time high before the end of the year.
Strategy Boosts Bitcoin Stack Again
Tom Lee and Matt Hougan are not the only ones who see BTC’s price slip as an opportunity. Strategy, the company that holds the world’s largest Bitcoin treasury, resumed its aggressive accumulation, and revealed a major new purchase worth $835 million.
In a filing with the US Securities and Exchange Commission, the firm reported buying 8,178 BTC. This is a sharp increase from its recent pace of roughly 400–500 coins per week through October and early November. The buy comes during a period of heightened volatility in the crypto market, with Bitcoin falling 10+% over the past week and trading under $90,000.
Despite the turbulence, Strategy is still very much committed to its long-standing approach of steadily accumulating Bitcoin, which began in 2020. With the latest purchase, the company’s total holdings reached 649,870 BTC, which is far more than any other publicly listed firm. BitMine Immersion Technologies currently holds the largest Ethereum treasury, while Forward Industries leads in Solana exposure.
Top Bitcoin treasury companies (Source: BitcoinTreasuries.NET)
The renewed buying seems to reflect confidence from executive chair Michael Saylor, even as both Bitcoin’s price and Strategy’s own stock have faced a lot of pressure recently. MSTR shares on Nasdaq dropped more than 17% in the past five days, trading around $197. However, Saylor reiterated in interviews and on social media that the firm plans to continue its accumulation strategy regardless of short-term market swings.
The company’s high-profile moves have also kept it at the center of public debate. Over the weekend, gold advocate and long-time Bitcoin critic Peter Schiff issued a challenge to Saylor, and called for a live debate during Binance Blockchain Week in Dubai this December. Schiff even accused Strategy’s business model of being “a fraud.”So far, Saylor has not publicly responded to the invitation.
