Bearish predictions of Bitcoin falling to $40,000 are unfounded, driven solely by irrational fear, according to JAN3 CEO Samson Mow.
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.
Down is temporary. NgU is forever.
— Samson Mow (@Excellion) September 6, 2024
“Apart from irrational fear, bears have no other basis to claim Bitcoin will fall to $0.04 million. Bitcoin could just as easily reach $0.1 million. This is supported by factors such as $3 billion in daily debt, strategic Bitcoin reserves, pension allocations, and corporate purchases,” he wrote.
According to the expert, fear can influence the market, but it never lasts long.
“Can fear move the market? Certainly. But it never lasts long because fundamental analysis prevails over time. Even major frauds like FTX cannot keep the price down. Down is temporary, NgU is forever,” Mow added.
On September 4, Bitcoin briefly dropped to $56,000. By September 6, it had fallen to $54,000, and the following day it tested the $53,000 mark.
At the time of writing, the digital gold is trading at $54,400.
Previously, former BitMEX CEO Arthur Hayes suggested the correction of the leading cryptocurrency could continue to $50,000. Other experts have varied in their assessments of Bitcoin’s prospects in September.