Bitcoin (CRYPTO: BTC) remains under pressure after Strategy’s (NASDAQ:MSTR) 32 BTC sale rattled market confidence, tapping $60,000 on Friday afternoon.

Ethereum (CRYPTO: ETH) fell up to 9% while XRP (CRYPTO: XRP) and Solana (CRYPTO: SOL) dropped 5%, respectively.

Analysts warn Bitcoin could break below $60,000 before forming a bottom.

Saylor “Fake Out” Theory

Speaking at the Milk Road interview panel on June 5, analysts floated the idea that Michael Saylor may have sold a small amount of Bitcoin to reset market expectations before buying back more at lower levels.

They said the sale may have helped signal that Strategy can sell when needed without breaking its long-term Bitcoin strategy.

Macro pressure, weak stocks, oil uncertainty and capital rotation into AI remain bigger drivers than Saylor’s sale.

Analysts said Bitcoin’s drop lacked the kind of major volume spike usually seen at durable bottoms. One analyst expects BTC to move lower, potentially into the low-$50,000 range.

AI Is Pulling Capital Away

Analysts said Bitcoin is losing the short-term "store of value" battle to AI compute. Over the past six, AI sector attracted $400 billion in capital inflows.

They argued investors now see compute as both scarce and productive, while Bitcoin remains scarce but non-yielding.

While analysts are not calling crypto dead, they are no longer treating all crypto assets equally.

Bitcoin may need a deeper reset, Ethereum still needs a clearer story, and the strongest upside may come from protocols with real revenue and product-market fit.

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