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Samson Mow: Bitcoin’s short-term dynamics are unpredictable
According to Mow, the drop in bitcoin on February 5 may have indicated a deeper shift in the market structure. The previous cyclicality that investors relied on for years is losing relevance and no longer explains the current price movements.
“Bitcoin’s short-term dynamics remain unpredictable. Pessimistic forecasts have existed since the very beginning of capitalist markets. When things are bad, everyone thinks they will get even worse. I believe the bottom has already been passed, and fundamental signals point to a preserved growth potential,” Mow said.
As confirmation, he pointed to the emergence of new corporate treasuries that have already begun accumulating bitcoin, the expanding participation of large banks and financial institutions, as well as initiatives from the United States aimed at strengthening the country’s status as a “bitcoin superpower.”
Even if the bitcoin market remains stuck in a sideways range for a long time, this will benefit large investors. In such a scenario, the analyst believes, pension and sovereign funds will be able to gradually buy up the available supply of the leading cryptocurrency without putting significant pressure on its price.
Earlier, Draper Associates founder Tim Draper suggested that within six months the leading cryptocurrency could reach $250,000.
