Bitcoin's recent stagnation below the $150,000 mark is attributed to short-term holders exiting the market, according to Michael Saylor, founder of MicroStrategy. Speaking on the Coin Stories podcast, Saylor described the current market dynamics as a rotation, where opportunistic investors are cashing out, making way for institutions and long-term holders. 

Saylor noted that a significant amount of Bitcoin was held by entities such as governments, lawyers, and bankruptcy trustees, who lack a long-term investment perspective. These parties have been liquidating their holdings, contributing to the price stall. However, he emphasized that this phase is temporary, as Bitcoin is increasingly being acquired by institutions through spot ETFs and corporate treasury strategies.

Despite the recent dip to $76,273 in April, Bitcoin has rebounded to trade around $103,200 as of May 8. Technical indicators suggest a consolidation phase, with potential for a breakout. Saylor remains optimistic, viewing the current market behavior as a healthy transition towards more stable, long-term investment.