- Bitcoin will soon skyrocket to six digits, said Jan3 CEO Samsn Mow.
- Bears’ prediction of BTC dropping to $40K is just out of “self-induced fear,” Mow said.
- Mow added that fear-driven markets “never lasts long” amid Bitcoin’s drop to $54K.
Bitcoin, the world’s leading cryptocurrency, has recently experienced a downturn, dropping from $56,000 to $54,000 and losing nearly 4% of its massive $1.07 trillion market capitalization. However, Jan3 CEO Samson Mow remains optimistic, predicting a bullish reversal soon.
In a post on social media platform X (previously known as Twitter), Mow dismissed bearish predictions of Bitcoin falling to $40,000 as “self-induced fear.” According to the crypto entrepreneur, fear-driven markets “never lasts long” because the fundamentals usually “win out over time.”
Mow pointed to the 2022 surge in Bitcoin’s price despite the FTX collapse, reinforcing his belief that Bitcoin will eventually reach six figures.
He further stated that Bitcoin’s potential for growth is supported by various factors, including quantitative easing, strategic Bitcoin reserves, increasing institutional adoption, and corporate investments.
Bitcoin Struggles to Reclaim $60K
In the past 30 days, Bitcoin went as high as $64,996.42 but it has been unable to establish this level as support. Despite multiple attempts to reclaim $60,000, BTC has not been able to maintain its position above this mark.
As per CoinMarketCap data, Bitcoin is currently trading at $54,248.89, down more than 5% in the past 24 hours, 8.39% in the past week, and 5.13% in the last 30 days. The cryptocurrency is also 26.57% down from its all-time high of $73,750.07.
Technical Indicators Suggest Bearish Control
As per the chart below, the accumulation/distribution line shows that the distribution of Bitcoin is on the rise and there are chances of another price crash if the investors do not take advantage of the lower prices.
The Relative Strength Index (RSI) reads a value of 35.77 which confirms that the bears are in control of the Bitcoin (BTC) price action and there are chances of the cryptocurrency being oversold in the short term.
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Source: https://coinedition.com/bitcoins-bullish-case-jan3-ceo-rejects-40k-predictions/