The price of Bitcoin (BTC) is still fluctuating like a roller coaster, raising concerns among traders and investors. Despite the current market situation, Bitcoin proponent and JAN3 CEO Samson Mow has renewed confidence in the coin's prospects.
Samson Mow calms investors
Reacting on the social media platform X, Samson Mow said he is still bullish on the leading cryptocurrency: "I'm still bullish," Mow wrote.
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His comments may have been a relief to worried Bitcoin traders and investors. Mow's confidence in Bitcoin’s future trajectory hinges on the coin's ability to fight against economic turbulence, like inflation. He also believes that Bitcoin will become a major force in the global financial ecosystem.
Mow has always been a strong supporter of Bitcoin. He previously forecast a $1 million price for BTC. According to Mow, some of the likely factors to bring this target to pass include the creation of a Bitcoin reserve and increased institutional Bitcoin adoption.
Most recently, he increased his Bitcoin target to $2 million. Mow and his private firm are heavily invested in Bitcoin, indicating his strong belief in the flagship coin.
JAN3 recently added 12 BTC to its balance, boasting a 15% return of $150,000 in just a month. Although undisclosed, Mow also has his personal BTC holdings.
State of BTC market
Bitcoin has plummeted far below critical levels, moving against market prediction. The price of Bitcoin recorded a daily high and low of $85,900 and $77,900, respectively.
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As of this writing, BTC is trading at $78,265, down 9% in the last 24 hours and 20.3% in the past week. The declining Bitcoin prices come amid days of zero inflow or consistent outflows from the U.S.'s spot exchange-traded Funds (ETFs) market.
According to Farside Investors' data, the BTC ETF market saw outflows reaching $275.9 million on Thursday. This is an eight-day streak of outflows, suggesting dwindling interest from institutional Bitcoin investors.
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