No need to worry: Are Bitcoin $40,000 predictions based on fear only?

JAN3 CEO Samson Mow seems to know the answer to this question.

“Bears saying Bitcoin will drop to $0.04M have no basis for that prediction other than self induced fear. 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 wrote.

Mow does not deny that fear can drive the market, but argues that it never lasts.

“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. Down is temporary. NgU is forever.” Mow added.

Last week, the price of Bitcoin at some point fell to $53,000. Then the crypto asset began to recover. According to Coinmarketcap, BTC is now worth about $55,300.

Who is to blame for speculating on investors’ fears?

Earlier, Bitfinex analysts said that the price of Bitcoin could collapse to a critical $40,000 if the Fed decides to cut the rate. Experts allowed for a 15–20% drop in BTC after the upcoming meeting of the agency, if the threat of a recession is discussed there.