Bitcoin drops to $93,750. Why does expert Bill Miller IV remain optimistic?

Bitcoin has recently fallen into a slump, dropping about 25% from its peak of $126,080 in October 2025. The current trading price is $89,397, failing to hold above the $100,000 mark. Amid a generally bearish market sentiment, Miller Value Partners Chief Investment Officer Bill Miller IV remains optimistic, believing that the current correction is a healthy consolidation and that a higher bottom has already formed compared to earlier in 2025. His perspective offers an interesting view for the market.

Market Challenges vs. Expert Opinions

Current Market Pressures

Bitcoin’s recent performance has been disappointing. According to the latest data, BTC has declined 6.28% over the past 7 days, falling from its October 2025 peak to the current $89,397, a 25% drop. This ongoing adjustment has disappointed many investors, especially those expecting Bitcoin to break above $100,000 and continue rising.

Bill Miller IV’s Bullish Logic

Despite the bearish market, Bill Miller IV remains bullish on Bitcoin. His reasons include:

• The current correction is healthy consolidation, not a trend reversal
• Bitcoin has formed a higher bottom than earlier in 2025, indicating support for the decline
• There are three major bullish factors in 2026, including the transition of capital markets toward blockchain infrastructure

This view highlights a key distinction: short-term price fluctuations versus long-term trend judgment.

Long-term Confidence of Investment Families

Miller Family’s Bitcoin Investment History

Bill Miller IV’s optimism is not unfounded. His father, legendary investor Bill Miller III, began accumulating Bitcoin early on, buying at prices between $200 and $700 per coin. Today, Bitcoin accounts for about 50% of his net assets, demonstrating the Miller family’s confidence in Bitcoin that has persisted for over a decade.

From purchases at $200–$700 to the current $89,397, this investment has appreciated over 100 times. This long-term holding success provides strong support for Bill Miller IV’s current optimism.

Signals of Continuous Buying

More notably, Bill Miller IV continues to buy Bitcoin daily during this market downturn, calling it “something I will never sell.” This ongoing buying behavior speaks louder than any words about his confidence in Bitcoin.

Market Implications of Bottom Formation

Why a Rising Bottom Matters

When a market expert says “a higher bottom has formed than earlier in 2025,” it means that even if Bitcoin continues to decline, the downward potential is diminishing. This pattern of rising bottoms often signals that the market is gathering strength for the next upward cycle.

Potential Catalysts in 2026

Among the three bullish factors Miller IV mentioned for 2026, the transition of capital markets toward blockchain infrastructure is the most noteworthy. This suggests that traditional finance and corporate capital may enter the blockchain space on a large scale, providing structural support for Bitcoin’s demand.

Summary

Bitcoin’s current market predicament is real—prices are falling, and it has failed to hold above $100,000. However, from an investor’s perspective, this correction could be an opportunity for long-term investors. The long-term holding strategies of Bill Miller IV and his father, along with his ongoing daily purchases, reflect confidence in Bitcoin’s long-term prospects. The rising bottoms and potential bullish factors in 2026 provide additional support for optimistic views. Short-term market volatility is inevitable, but long-term trend judgments are often more valuable.