Traders predicting a return to $40,000 may be acting on fear rather than technicals, according to Samson Mow, CEO of Bitcoin technology firm Jan3. “Those who predict Bitcoin will drop to $40,000 have no basis other than self-generated fear,” Mow wrote in a post on X on Sept. 6.
Mow: Bitcoin Could ‘Easily’ Hit $100K
Despite Bitcoin’s recent seven days of trading below $60,000, Mow still believes Bitcoin could easily hit six figures. He attributes this to macroeconomic factors, such as the massive interest the U.S. government pays on its debt every day and the growing number of businesses holding Bitcoin.
“Bitcoin could very well hit $100,000, fueled by relentless money printing, over $3 billion in debt per day, strategic Bitcoin reserves, pension funds, and large corporations buying in,” he said.
According to The Kobeissi Letter, the $3 billion daily interest on U.S. government debt “is three times what it was 10 years ago and has doubled in just 2.5 years.”
“Debt crisis is an understatement,” The Kobeissi Letter stressed.
Fundamentals Will ‘Prevail’ Over Time
However, Mow argues that fear-driven markets are short-lived, and that ultimately, fundamentals will be the long-term determinants.
“Can fear affect the market? Sure. But it never lasts because fundamentals eventually win out. Even big crashes like FTX can’t keep Bitcoin down forever,” he asserted.
Bitcoin is currently trading at $54K, and has not surpassed the key $60,000 level since August 30, according to data from CoinMarketCap.
The Fear and Greed Index is at “Extreme Fear” with a score of 23. On September 5, some analysts warned of a possible price correction below $50,000 in the coming days.
BitMEX founder Arthur Hayes also wrote on X that “Bitcoin is under pressure, I predict it will drop below $50,000 this weekend. I have placed a bold short. Pray for me, for I am a foolhardy man.”
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