Michael Saylor sees BTC at $21 million by 2046, even as analysts warn of deteriorating on-chain liquidity and heightened short-term volatility.
Bitcoin’s loudest advocate, Michael Saylor, has once again raised the bar for the digital asset’s potential. Speaking at the BTC Prague 2025 event, Saylor projected an eye-popping target: $21 million per Bitcoin within 21 years, calling this a “very special time in the network.”
Building on last year’s bold $13 million forecast, Saylor pointed to political developments, particularly Donald Trump’s presidential win and the White House’s unexpected embrace of Bitcoin, as paradigm-shifting events.
“We didn’t think we’d get a strategic Bitcoin reserve. This is an amazing development,” he said, also noting that there are three key crypto bills moving through Congress while many US states are also working towards establishing crypto reserves.
http://twitter.com/saylor/status/1936452216292065671
On-Chain Liquidity Faces Reset: This Cycle is Different
Analyst Willy Woo pointed to research from Swissblock, which shows a significant decline in on-chain liquidity, often a leading indicator of reduced market participation and price vulnerability.
According to Swissblock, the crypto system has “reset” to square one. While capital is rotating back into Bitcoin, overall activity has dropped, and liquidity is low, with prices being increasingly influenced by on-chain flows over macro trends.
http://twitter.com/woonomic/status/1936673839922167873
Swissblock noted that the bullish long-term structure remains intact, but a risk-off signal flipping to 1 would be a significant red flag.
Bitcoin Risk-off Signal | Source: Swissblock
Also, in a post on CryptoQuant’s Quicktake, Crypto Dan brought to light the surge in realized price, the average cost basis of all BTC holders, as a bullish sign. From early 2024 to mid-2025, realized prices have steadily climbed, indicating sustained buying pressure at higher prices.
This suggests that many market participants are betting on long-term upside, even amid macro uncertainty and short-term price stagnation.
Chart Analysis: Fibonacci Targets and Liquidity Signals
Based on readings from the daily chart below, it’s clear that Bitcoin is undergoing a textbook consolidation phase after peaking around $113,038.
Key Fibonacci levels show support around the 0.236 retracement ($107,784) and floor at the 0.0 retracement ($102,837). The next bullish target is at the 1.618 extension level ($119,341), which serves as the next key upside target should Bitcoin regain its bullish momentum.
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