Renowned Bitcoin maximalist Samson Mow, CEO of JAN3, a Bitcoin-focused startup, has created stir in the crypto space with an audacious estimate for Bitcoin’s price.
Mow boldly projected, using his platform on X (previously Twitter), that Bitcoin will soon print what he characterizes as a “Godzilla Candle,” indicating a sharp increase in value. “The Godzilla Candle is coming,” Mow said in his most recent tweet, stressing the enormous velocity he anticipates BTC to acquire.
Bitcoin Bearish Estimate
He has previously described this pattern as an “Omega candle,” implying that Bitcoin might have a sharp price swing over a brief period. Mow asserts that a long-overdue increase is necessary, and he continues to express frustration over what he refers to as a “scam dip” that occurred when BTC was trading just below $57,000 earlier this year.
During that period, government actions in Germany and the United States, including the sale of BTC confiscated from the notorious Silk Road bazaar and a German pirate movie service, compounded the market’s uncertainties. Mow has consistently maintained, however, that BTC is underpriced right now and ought to be selling for $100,000.
Mow just poured more gasoline into the conversation, answering a tweet implying that, independent of the outcome of the U.S. election, BTC might reach $100,000 after November. Remarkably, he referred to this as a “bearish” projection, implying that the real price might be far higher than this figure.
Mow stressed two crucial points on the interaction of cryptocurrency with fiat currencies earlier this week, therefore offering fresh information for new Bitcoin investors. Although the fiat price of BTC will always be erratic, he pointed out that it will also rise with time. Once fresh investors understand these concepts, Mow believes, their BTC path will be far easier.
Bitcoin has been testing the $64,000 resistance mark this week, and it rose by 7.6% on Wednesday after Federal Reserve Chairman Jerome Powell made his announcement. Powell said that the U.S. central bank intends to lower interest rates by 50 basis points the first such reduction in four years which would inspire hope in the crypto markets.
