Bitcoin's next bull market could run for two to three years, according to Strategy founder Michael Saylor, who made the remarks during Strategy's Q3 2026 earnings call on October 30 as the asset rebounds from a downturn lasting roughly a year.

Saylor Points to Rebound From the 200-Week Moving Average

Saylor said Bitcoin has weathered a bear market of approximately one year and is now rebounding from its 200-week moving average, a long-term technical level he expects to mark the starting point of an extended upcycle lasting two to three years. The 200-week moving average spans roughly four years of weekly closing prices and is widely used to gauge where Bitcoin's multi-year cycles stand.

Several indicators support that outlook, he explained. Bitcoin's market dominance—its share of the overall cryptocurrency market—has climbed to around 67%. Institutional demand is returning, and banks are embracing Bitcoin as well. He also cited roughly $6.3 billion in Q3 inflows into Bitcoin exchange-traded funds as a positive signal, noting that the pool of potential buyers continues to broaden. Exchange-traded funds let investors gain Bitcoin exposure through ordinary brokerage accounts rather than holding coins directly.

Saylor framed these indicators as signs, not guarantees, of a sustained bull market. Bitcoin remains volatile, and regulatory shifts or macroeconomic conditions could interrupt the trend. The webinar itself covered Strategy's Bitcoin treasury, its digital-credit products, financial results, and outlook.

Demand Drivers Behind the Expected Bull Market

Saylor argued that digital credit and bank lending could absorb all newly issued Bitcoin supply, meeting a scarce and increasingly predictable issuance schedule. Exchange-traded products, corporate treasuries, and financial institutions are also creating new channels for capital to enter the market.

He additionally listed monetary expansion, institutional investment, and tokenization as demand drivers, and said the 2028 halving could further support demand. Halvings are part of Bitcoin's fixed supply schedule, cutting the pace of new issuance roughly in half about every four years. In his view, tokenization could enable global, around-the-clock trading and allow product innovation to move faster.

Saylor presented Bitcoin as scarce "digital capital" whose uses could expand beyond payments into equity, credit, collateral, and other financial products. Strategy CEO Phong Le described MSTR as "amplified Bitcoin," with the company's preferred securities providing digital credit.

Strategy's stated goal is to double Bitcoin per share over seven years. The company plans to use capital raised through its credit products to acquire Bitcoin while maintaining reserves to cover its obligations. Management noted that these were its projections and views regarding the bull market.

Record Q3 Results and a CFO Transition

Strategy reported holding 848,517 Bitcoin, approximately 4% of the asset's eventual supply. At that scale, its quarterly results double as a public record of how a large-scale corporate Bitcoin treasury performs through market swings. Bitcoin's price rise drove a fair-value gain of roughly $20.9 billion in Q3, contributing to record operating income of $20.9 billion. Net income reached $19.1 billion, with diluted earnings of $44.75 per share. Under fair-value accounting, Bitcoin's price movements pass directly into reported earnings each quarter, in up and down markets alike.

MSTR rose 76% during the quarter, outpacing Bitcoin's 43% gain. As of October 23, the company reported approximately $74 billion in treasury assets, comprising its Bitcoin holdings and about $5.1 billion in U.S.-dollar assets. Strategy said the reserves provide several years of coverage for interest and dividend payments.

The company raised $5.4 billion in Q3 and $21.2 billion year to date while reporting low net leverage. Its digital-credit market has grown to about $16 billion, and its Stretch preferred stock offers a roughly 12% dividend. Shareholders approved daily dividend accrual and payments for several preferred products, which Strategy said is intended to improve liquidity. Management also described reserve-building, share repurchases, and a credit-coverage monitoring framework.

On the leadership front, CFO Andrew Kang announced he would step down on November 5 for personal reasons. CEO Phong Le will take on the principal financial officer role during the transition, and from January 2027, financial leadership is planned to be split between the software and Bitcoin businesses.

Management cautioned that Bitcoin-price volatility and other risks could materially affect the company's results. In the quarters ahead, the indicators Saylor cited—ETF inflows, Bitcoin's dominance share, and institutional and bank participation—together with Strategy's own reserve and credit-coverage disclosures, offer observable checkpoints for the timeline he described.

This article was originally published on Blockonomi.