THE FINAL CAPITULATION
The logic is simple: as long as Michael Saylor remains standing, holding his massive position in MicroStrategy, Bitcoin will not find a real bottom — only fragile bounces, short flights, relief movements that do not consolidate trends.
The market is stuck in this narrow range because there has not yet been a complete purging of institutional over-leverage. Saylor acts as a symbol; he is the largest public buyer. His breakdown — that is, the total forced liquidation of his positions — would represent what is called the final capitulation.
Final capitulation is not the moment when the market forces the last defender to drop the shield.
It is when the largest buyer turns into the largest seller, not by choice, but because the system squeezes him to the limit.
Why does this matter?
Because as long as the largest holder is not wiped off the board, the market remains congested. The true selling pressure — the one that cleans everything, zeroes leverage, and returns liquidity — has not yet occurred. Without this flush, Bitcoin remains in this pattern:
— Long lateralization
— Short spikes that do not hold
— Fragile structure
The market awaits the last candle.
It waits for the final sigh of the giant.
And only after that, historically, does the next macro leg begin.
The theory is harsh, but it makes sense:
if the largest leverage anchor is not removed, there is no room for a new clean and sustainable trend.
The final capitulation is the deep cut before healing.
It is the silent realignment of forces.
Only after it does Bitcoin truly start to breathe again.
$BTC #SaylorStrategy #strategy #Capitulation