Jan3 CEO Samson Mow stated that predictions of Bitcoin dropping to $40,000 are more driven by fear than by technicals. Examples of such predictions were highlighted in his X post.
Predictions and Fears
Samson Mow pointed out that the bears predicting Bitcoin will drop to $40,000 have no other basis for their predictions than self-induced fear. He emphasized that while fear can move the market, it is a short-term factor. Over time, technical and fundamental factors will still prevail.
High Price Support
According to Samson Mow, Bitcoin could also easily reach $100,000, considering macroeconomic factors such as significant amounts of US government debt interest payments and the growing number of companies holding the asset. He added that the daily debt service cost is $3 billion, and the number of businesses and pension funds investing in Bitcoin continues to grow.
Fundamentals Prevail
Mow is convinced that while fear influences the market, it is temporary. Fundamental factors inevitably take precedence over time. Even the unwinding of major frauds like FTX cannot keep prices down for long. Mow cited the current price of Bitcoin at $53,824, which has been trading below $60,000 since the end of August.
Jan3 CEO Samson Mow believes that the fear impacting the market in the short term cannot overcome fundamental factors, which prevail over time. His confidence in Bitcoin's long-term prospects is based on macroeconomic data and strategic corporate holdings.
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