Bitcoin Advocate Samson Mow Discusses Strategic Moves Amidst Price Volatility

Cryptonews John Brightwater September 8, 2024

Bitcoin Advocate Samson Mow Discusses Strategic Moves Amidst Price Volatility

On September 6, Bitcoin advocate and CEO of Jan3, Mr. Samson Mow, asserted that the prevailing bearish forecast predicting Bitcoin’s price to drop to approximately $40,000 is not fundamentally supported by technical indicators but rather arises from a phenomenon he terms “self-induced fear.” Currently, Bitcoin is trading at $54,357.85, having remained below the $60,000 mark over the prior week. Despite this recent downturn, proponents of Bitcoin remain optimistic about the cryptocurrency’s potential to embark on a bullish trajectory.

Mr. Mow envisions a realistic prospect of Bitcoin reaching six figures within the forthcoming weeks. This outlook aligns with sentiments expressed by various market experts in recent months, who have anticipated a potential rally toward the milestone of $100,000, although such growth has not yet materialized.

Months have elapsed since these projections were initially proposed, and Bitcoin has not yet demonstrated any substantial recovery, currently trading approximately 25% below its all-time high of $73,750.07. Mr. Mow acknowledged that while some market participants speculate a dip towards the $40,000 range, he presented four strategic options for investors to consider amid the current climate.

Firstly, he recommended the practice of HODLing and continuing to accumulate Bitcoin, as exemplified by companies like MicroStrategy and Metaplanet. Conversely, some investors who lack a bullish outlook may opt to merely hold their assets without further accumulation. An alternative strategy could involve exiting the market entirely in frustration or liquidating all holdings to repurchase at lower prices in order to re-enter.

Drawing upon his belief in Bitcoin’s long-term value, Mr. Mow asserted that Bitcoin is destined to reach $1 million, likely driven by parity between Satoshis and the dollar. He maintains that the strategies of HODLing and ongoing accumulation remain favorable compared to relinquishing investments. Mr. Mow is a strong proponent of the Dollar Cost Averaging (DCA) approach, respecting those investors who commit to Bitcoin irrespective of market fluctuations.

Moreover, Mr. Anthony Scaramucci, Founder of SkyBridge Capital, echoed Mr. Mow’s bullish sentiment during a recent appearance on CNBC’s Squawk Box. He highlighted that the Stock-to-Flow model forecasts a future Bitcoin price of $200,000, crediting ongoing advancements within Bitcoin’s infrastructure, including enhancements in payment and transaction systems, as significant drivers for this anticipated increase. He also noted that the growth of Bitcoin has been impeded by regulatory challenges, market uncertainties, and incidences of fraud.

Despite the adverse conditions currently impacting Bitcoin’s valuation, Mr. Mow emphasized that the market’s fear-driven mindset is transitory, and he remains confident that Bitcoin’s underlying fundamentals will ultimately prevail. He cited that even the fallout from notable scandals, such as that of FTX, has had a negligible impact on Bitcoin’s resilience. Currently, the Crypto Fear & Greed Index reflects an “Extreme Fear” status at a score of 23.

In contrast, Mr. Arthur Hayes, co-founder of BitMEX, projects Bitcoin’s price may trend downwards to $50,000 in the near future, suggesting that Bitcoin is forming lower highs and lows, possibly indicating a crash towards $49,000. Furthermore, crypto analyst Rekt Capital observed that Bitcoin has inverted the critical support level of $58,286, which now acts as resistance. Should Bitcoin fail to secure a closing price above this level by the end of the week, it may confirm a bearish outlook moving forward. As the market navigates these uncertain waters, the call for measured, strategic responses from investors remains paramount in optimizing their positions in the cryptocurrency landscape.