Bitcoin bears base $40K prediction on ‘self induced fear’ — Samson Mow
Jan3 CEO Samson Mow reiterated that fear-driven markets “never lasts long” because fundamentals usually “win out over time.”
Bitcoin traders predicting the asset’s price returning to the $40,000 level might be driven more by fear than by any technical fundamentals, according to Bitcoin technology firm Jan3 CEO Samson Mow.
“Bears saying Bitcoin will drop to $0.04M have no basis for that prediction other than self induced fear,” Mow wrote in an Sept. 6 X post.
Despite Bitcoin’s (BTC) recent seven-day period trading below $60,000, Mow believes Bitcoin could just as easily hit six figures, citing macroeconomic factors like the significant amount of interest the United States government pays on its debts daily, and the growing number of businesses holding the asset.
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Author: Ciaran Lyons
