Samson Mow thinks the main Bitcoin bull run is around the corner.
Mow blamed TradFi markets for Bitcoin’s recent decline.
Bitcoin fell 14.5% in the past week, dragging other cryptocurrencies along.
Despite the recent price crash, prominent Bitcoin personality Samson Mow thinks the main Bitcoin bull run is around the corner. In a recent post on X, the JAN3com CEO noted that the recent BTC pullback is a temporary event caused by TradFi markets and amplified by increased surface area because of ETFs.
#Bitcoin is just being dragged down temporarily by TradFi markets – amplified because of increased surface area due to ETFs. But with M2 on the rise again it feels like the main event is almost here. ♎️ pic.twitter.com/uecfBUnD5D
— Samson Mow (@Excellion) August 3, 2024
Meanwhile, Mow predicted the return of bullish Bitcoin momentum, spotting a surge in M2, which is the money supply that includes cash and checking deposits and easily convertible near money.
Bitcoin crashed by 14.5% in the past week after a bullish run that led many crypto users to assume the bull market had resumed. BTC reversed sharply after rallying above $70,000 for the first time in six weeks. However, the flagship crypto sharply declined, dropping below $60,000 as of today, according to TradingView’s data.
Analysts attributed the recent Bitcoin crash to multiple factors, including a delay in the FOMC rate cut, massive outflows from Bitcoin ETFs, and Mt. Gox’s Bitcoin distribution to creditors. The capital wipeout is not restricted to Bitcoin but cuts across the entire cryptocurrency market.
Ethereum, the second-largest cryptocurrency by market capitalization, crashed by 15.87% in the past week, dropping below the significant $3,000 psychological support. Several other altcoins, including memecoins, endured the massive wipeout amid a market-wide wave of liquidations.
It is worth noting that the total cryptocurrency market capitalization dropped by 15% in the past week, falling from $2.442 trillion to $2.095 trillion at the time of writing, according to data from TradingView.
Mow’s prediction reflects optimism in Bitcoin’s recovery, notwithstanding the extent of the recent crypto market decline. The market recently experienced a similar drop following the German government’s Bitcoin selloff. The exercise led to a 26.7% crypto market cap decline in June.
The post Why is BTC Crashing? Analyst Blames TradFi Markets, Predicts Imminent Rebound Soon appeared first on Coin Edition.
