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Michael Saylor says the bitcoin winter is over. Some experts agree, with caveats.
Market analyst Mati Greenspan said bitcoin has not gone through a “winter,” rather a pullback within a broader bull market, adding the next leg up for bitcoin will be driven by nation-state adoption.
Apr 24, 2026, 10:03 a.m.
What to know:
- Michael Saylor said “winter is over” for bitcoin when the cryptocurrency traded above $78,000 even as some analysts disputed that the recent downturn qualified as a full crypto winter.
- Market analyst Mati Greenspan argued the slump was a pullback within a broader bull market, and said bitcoin has probably already bottomed and is poised to move higher.
- Greenspan and other experts see Saylor’s continued bitcoin purchases as signaling a new era of institutional dominance, and they predict a coming phase of nation-state adoption in which central banks may add bitcoin to their reserves alongside gold.
“Even if the winter is over for bitcoin, which I don’t agree with, it is still very cold for altcoins,” said Jason Fernandes, a market analyst and AdLunam co-founder.
For Mati Greenspan, a former senior market analyst at eToro and founder of Quantum Economics, what bitcoin and the broader crypto market have experienced since the Oct. 10 “flash crash”, which triggered roughly $19 billion in forced liquidations within 24 hours, does not even qualify as a crypto winter.
“I’m not sure I would classify what we just saw as a crypto winter exactly,” Greenspan said, it was “more of a large pullback within a broader bull market.”
