In a September 6 X post, Bitcoin advocate and CEO of Jan3 Samson Mow strongly believes that the bear-based prediction about the leading cryptocurrency dropping to around $40,000 is not hinged on technical indicators. Rather, he noted that it is based on “self-induced fear.”
Bitcoin’s current price of $54,357.85 shows how it has traded below $60,000 in the last seven days. However, Bitcoin advocates are confident the coin could still experience a bull run.
Mow sees the possibility of BTC hitting six figures in the coming weeks. Many experts have held this sentiment for the coin in the past months, projecting a rally to $100,000, a surge that never happened.
Best Actionable Stance For Bitcoin Investors
Months have passed since this forecast was made, and Bitcoin has yet to print a significant rebound. The coin trades 25% below its All-Time High (ATH) of $73,750.07.
Samson Mow noted that despite the dip, some traders believe Bitcoin could still drop to the $40,000 level. Despite these negative expectations, he named four actionable options investors could explore.
The first is to HODL and keep stacking like MicroStrategy and Metaplanet. Some less bullish investors may choose to HODL and stop stacking. He said investors also have the option to sell everything and quit the market in rage or sell everything, buy the bottom, and start again.
He posited that Bitcoin will touch $1 million sooner or later, drawing on sat/dollar parity. He noted that HODLing, stopping accumulation, and selling everything are bad options. Given the market trends, HODLing and continuous stacking are the “winning plays.”
Based on his past advocacy on X, Samson Mow respects investors who shun market trends to invest in Bitcoin. He is a strong advocate of Dollar Cost Averaging (DCA).
The Expanded Bullish Take On Bitcoin
In addition to Samson Mow, SkyBridge Capital Founder Anthony Scaramucci is confident about Bitcoin’s potential to outperform its current price level.
During a recent Squawk Box CNBC interview, he made his stance known, pointing out that the Stock-to-flow model suggests that BTC will hit a high of $200,000. Scaramucci cited current advancements in the Bitcoin network, such as payment and rail systems, as catalysts. He tagged these factors as a good economic boost.
He opined that regulatory hurdles, uncertainty, fraud exposure, and over-leverage have stalled the coin’s growth.
In the current market, Mow stated that the fear-driven sentiment is just temporary and that the fundamentals will eventually prevail.
To further emphasize his point, he noted that even the unwinding of some of the greatest frauds, like FTX, can’t keep the Bitcoin price down. As it stands, BTC’s Crypto Fear & Greed Index shows an “Extreme Fear” score of 23.
Negative Take on BTC Price
On the other hand, BitMEX founder Arthur Hayes sees Bitcoin heading for $50,000 this weekend. Bitcoin’s price continues to form lower highs and lower lows, while it shows a possible crash to $49,000.
Crypto analyst Rekt Capital also pointed out that Bitcoin flipped the key support level of $58,286 into resistance. This unexpected move caused the cryptocurrency to break down from the below channel pattern. If Bitcoin fails to close above this resistance in this week’s closing, it would confirm a bearish action moving ahead, signaling growing concern as the market awaits further direction.
