Jan3 CEO: Traders' Predictions of BTC Falling to $40,000 Not Based on Technical Fundamentals, Market Fears Unsustainable

According to Cointelegraph, Samson Mow, CEO of Jan3, a bitcoin technology company, said, “Bitcoin traders' predictions that the price will return to the $40,000 level may be driven more by fear than any technical fundamentals. Fear-driven markets never last long because fundamentals win out over time, and even the revelation of some of the worst frauds like FTX won't be able to depress the bitcoin price in the end. Short-sellers are saying that Bitcoin will fall to $40,000, a prediction that has no basis in anything but ego-induced fear,”

Samson Mow wrote in a Sept. 6 post, “Bitcoin could easily reach $100,000, bolstered by $3 billion a day in debt, a strategic reserve of bitcoin, pension distributions and corporate purchases.”

According to the Kobeissi Letter, a global market macro-review magazine, the U.S. government pays $3 billion a day in interest on its debt, triple the amount it paid 10 years ago and double in just 2.5 years. “Crisis” is an understatement.