Bitcoin

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Bitcoin traders predicting the asset’s price returning to the $40,000 level might be driven more by fear than by any technical fundamentals, according to Samson Mow, the CEO of Bitcoin technology firm Jan3.
“Bears saying Bitcoin will drop to $0.04M have no basis for that prediction other than self induced fear,” Mow wrote in a Sept. 6 X <a data-ct-non-breakable="null" href="https://x.com/Excellion/status/1832111358814646678" rel="null" target="null" text="null" title="null">post</a>.
<h3 id="mow-says-bitcoin-can-just-as-easily-reach-100-000">Mow says Bitcoin can “just as easily” reach $100,000</h3>
Despite Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) trading below $60,000 over the past seven days, Mow believes Bitcoin could just as easily hit six figures, citing macroeconomic factors like the significant amount of interest the United States government pays on its debts daily and the growing number of businesses holding the asset.
“Bitcoin can just as easily go to $0.1M and that is supported by brrrr, +$3B in debt per day, strategic Bitcoin reserves, pensions allocating, and corporations buying,” he stated.
Macroeconomic resource The Kobeissi Letter <a data-ct-non-breakable="null" href="https://x.com/KobeissiLetter/status/1831804174536765743" rel="null" target="null" text="null" title="null">added</a> that the $3 billion daily interest expense for the US government on its debt “is TRIPLE the amount paid 10 years ago and has DOUBLED in just 2.5 years.”
“Debt crisis is an understatement,” The Kobeissi Letter wrote.
<h3 id="fundamentals-win-out-over-time">Fundamentals “win out” over time</h3>
However, Mow said that fear-driven markets are only a short-term issue, and fundamentals eventually prevail.
“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,” he claimed.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/watch-3-btc-price-if-bitcoin-below-55k" rel="null" target="null" text="null" title="null">Watch these 3 BTC price levels if Bitcoin breaks below $55K</a>
Bitcoin is currently trading at $53,824, having not traded above the crucial $60,000 level since Aug. 30, <a data-ct-non-breakable="null" href="https://coinmarketcap.com/currencies/bitcoin/" rel="nofollow noopener" target="_blank" text="null" title="https://coinmarketcap.com/currencies/bitcoin/">according</a> to CoinMarketCap data.
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 <img alt="Bitcoin bears base $40K prediction on ‘self induced fear’ — Samson Mow" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191caa5-a60a-771e-acf2-81f53d5e9a75">
 <figcaption style="text-align: center;">
 Bitcoin is down 5.75% over the past 30 days. Source: CoinMarketCap
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The Crypto Fear &amp; Greed&nbsp;<a data-ct-non-breakable="null" href="https://alternative.me/crypto/fear-and-greed-index/" rel="null" target="null" text="null" title="null">Index</a> shows an “Extreme Fear” score of 23. On Sept. 5 Cointelegraph reported that several analysts warned of a potential price correction below $50,000 in the coming days.
BitMEX founder <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/crypto-sentiment-drops-extreme-fear-analysts-warn-sub-50k-bitcoin-correction-weekend" rel="" target="_self" text="null" title="https://cointelegraph.com/news/crypto-sentiment-drops-extreme-fear-analysts-warn-sub-50k-bitcoin-correction-weekend">Arthur Hayes wrote in an X post</a> that “BTC is heavy, I’m gunning for sub $50k this weekend. I took a cheeky short. Pray for my soul, for I am a degen.”
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/parents-addicted-pi-network-crypto-tapper/" rel="null" target="null" text="null" title="null">Help! My parents are addicted to Pi Network crypto tapper</a>

Bitcoin bears base $40K prediction on ‘self induced fear’ — Samson Mow

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