Bitcoin Maximalist Predicts Bullish Future Despite Recent Price Drop

11/06 22:10

According to U.Today, Samson Mow, CEO of Bitcoin adoption-focused company Jan3, has made a bullish prediction about Bitcoin's future, despite its recent price drop. Mow shared a post on his X platform account that sparked a flurry of responses from the Bitcoin community. In his post, Mow presented a diagram illustrating the proportion of available capital in the market versus Bitcoin, both in terms of circulation and potential mining. The diagram, although lacking specific figures, visually demonstrated that the amount of available Bitcoin is minuscule compared to the capital that could be used to purchase it. Mow's post was a response to the recent drop in Bitcoin's price. He tweeted that while it may be disconcerting to watch the price fall, it's important to remember where it will inevitably end up. Mow is among the Bitcoin maximalists who believe that the cryptocurrency will eventually reach a price of $1 million per coin. Despite the current decline in Bitcoin's price, Mow expressed surprise given the unprecedented level of adoption the cryptocurrency is currently experiencing. In response to Mow's post, several Bitcoin enthusiasts pointed out that the available capital's triangle should be much larger and Bitcoin's much smaller. Mow responded by suggesting a closer look at the larger triangle of capital, which he believes extends beyond the diagram's boundaries. Bitcoin's price has seen a significant drop over the past 24 hours, falling almost 4% from the $70,000 price level it had regained on Monday to $67,453. This follows a similar price drop over the weekend, when Bitcoin fell from above $71,660 to the $69,000 mark.

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Bearish

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Bitcoin Maximalist Predicts Bullish Future Despite Recent Price Drop

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