Mow: Bitcoin Bearish Predictions Driven by Fear, Six-Figure BTC Supported by Debt and Corporate Holdings
According to Samson Mow, CEO of Bitcoin technology company Jan3, traders who believe the asset’s price will drop back to the $40,000 mark may be more motivated by fear than by technical factors.
Bears saying Bitcoin will drop to $0.04M have no basis for that prediction other than self induced fear,
Mow
A large amount of interest the US government pays on its loans every day and the increasing number of corporations holding the asset are two main reasons why Mow thinks Bitcoin may easily reach six figures, even if it has just traded below $60,000 over the last seven days.
Bitcoin can just as easily go to $0.1M and that is supported by brrrr, +$3B in debt per day, strategic Bitcoin reserves, pensions allocating, and corporations buying,
Mow
Bitcoin Fear Persists as US Debt Costs Soar, But Mow Predicts a Fundamental Rebound
According to the Kobeissi Letter, the US government’s $3 billion daily interest expense on its debt has doubled in just 2.5 years and is triple what it was ten years ago. However, fear-driven markets are a passing phase, according to Mow, and fundamentals will ultimately win out.
Can fear move the market? Sure. But it never lasts long because the fundamentals win out over time. Even the unwinding of some of the greatest frauds like FTX can’t keep price down,
Mow
According to CoinMarketCap data, Bitcoin has not crossed above the critical $60,000 threshold since August 30. As of right now, it is trading at $54.407. A score of 23 indicates “Extreme Fear” according to the Crypto Fear & Greed Index. According to a report by Cointelegraph on September 5, several analysts have cautioned about a possible price fall below $50,000 shortly.
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