Analysis of Bitcoin Market and Price Prediction

Bitcoin maximalist and CEO of Jan3, Samson Mow, recently shared a BTC-themed post on his X platform account, sparking a flurry of responses within the Bitcoin community. In his post, Mow revisited a previous publication and added a highly optimistic Bitcoin price forecast to it.

Mow's Optimistic Outlook on Bitcoin

Samson Mow, leading the Bitcoin adoption-focused company Jan3, presented a diagram illustrating the proportion of available capital in the market compared to Bitcoin that remains in circulation or is yet to be mined. The visual representation shows the disparity between the available BTC and the potential capital available for its purchase. Both the capital and Bitcoin are represented as triangles, creating an image resembling a sandglass.

Mow tweeted a bullish prediction today, implying that despite the current drop in Bitcoin price, it is destined to surge. He is among the maximalists envisioning Bitcoin's price soaring to $1 million per coin in the future.

However, Mow expressed surprise at the recent decline in Bitcoin's value, considering the remarkable adoption rate observed. He urged to 'buy the friendly dip' (BTFD) amidst the price decline.

Bitcoin Community Response

In response to the diagram tweet, numerous Bitcoin enthusiasts highlighted that in reality, the available capital triangle should be much larger, while the Bitcoin triangle should be smaller. Mow clarified that the 'Available Capital' extends beyond the diagram's boundaries, urging a closer inspection of the capital triangle.

Bitcoin Price Fluctuations

Bitcoin experienced a sudden 4% drop in the last 24 hours, falling from $70,000 (previously regained on Monday) to $67,453 at the time of writing. This decline follows a similar price drop over the weekend, sliding from above $71,660 to $69,000.