According to Mow, predictions suggesting that Bitcoin (BTC) might revisit the $40,000 mark are largely influenced by fear rather than solid technical indicators.

Mow’s Optimistic Outlook on Bitcoin

Despite recent volatility, including a period where Bitcoin traded below $60,000, Mow asserts that the cryptocurrency could just as easily surge to $100,000. He attributes this potential rise to macroeconomic conditions, such as:

• The substantial interest the U.S. government incurs on its debts daily,
• An increasing number of businesses investing in Bitcoin.

Mow stated, “Bitcoin can just as easily go to $0.1M, supported by ongoing financial strategies including the U.S. government’s debt and corporate investments.”

Further insights from The Kobeissi Letter highlight that the daily interest expense on U.S. debt has tripled over the last decade and doubled in just 2.5 years. They noted, “Debt crisis is an understatement.”

Long-Term Fundamentals Strong

While acknowledging that fear can influence market dynamics temporarily, Mow believes that fundamental values will ultimately dominate. He explained, “Fear can certainly affect the market, but it is usually fleeting, as fundamentals eventually take precedence. Even severe crises like FTX’s collapse cannot suppress prices indefinitely.”

Currently, Bitcoin trades at approximately $53,824, having not surpassed the key $60,000 threshold since August 30, according to CoinMarketCap.

The Crypto Fear and Greed Index currently indicates a score of 23, denoting “Extreme Fear.” Analysts have raised concerns about a possible price correction that could take Bitcoin below $50,000 in the near future.

Comments from industry experts, including BitMEX founder Arthur Hayes, suggest that fears of market destabilization may prompt bearish trends, as he noted, “BTC appears heavy; I’m anticipating a drop below $50k soon.”