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Samson Mow, the founder of Jan3, stated that the short-term movements of Bitcoin are unpredictable; however, the increasing demand from major players suggests an inevitable rise in the long run.
According to Mow, the decline of Bitcoin on February 5 could indicate a more profound shift in the market structure. The previous cyclicality that investors relied on for years is becoming less relevant and no longer accounts for the current price movements.
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“The short-term dynamics of Bitcoin remain unpredictable. Pessimistic forecasts have existed since the inception of capitalist markets. When conditions are poor, everyone assumes they will worsen. I believe the bottom has already been reached, and fundamental signals indicate a sustained potential for growth,” Mow remarked.
As evidence, he pointed to the emergence of new corporate treasuries that have begun accumulating Bitcoin, the increasing involvement of major banks and financial institutions, as well as initiatives from the U.S. aimed at reinforcing the country’s status as a “Bitcoin superpower.”
Even if the Bitcoin market remains stuck in a sideways range for an extended period, this could benefit large investors. In such a scenario, the analyst believes that pension and sovereign funds will have the opportunity to gradually purchase the available supply of the leading cryptocurrency without significantly impacting its price.
Previously, Tim Draper, the founder of Draper Associates, suggested that in six months, the first cryptocurrency could reach $250,000.
