- Bitcoin fumbled its $100K milestone last week.
- A resurgent market sees a potential retest winding up.
- Samson Mow warns “plan accordingly.”
Post-election euphoria sent Bitcoin soaring over 40%, reaching an all-time high of $99,700 on November 22. The explosive rally stunned observers and even nudged some skeptics to rethink their anti-crypto stance as BTC teetered just below the historic $100K mark.
However, Bitcoin narrowly missed the milestone, sliding to a local low of $90,900 on November 26. Yet, a sharp rebound this week has rekindled optimism, with investors once again eyeing the elusive $100K target.
Bitcoin Rebounds
Bitcoin hit a peak of $99,700 last week before sliding 9% to a local low of $90,900 on November 26. Although the dip dampened hopes of crossing the $100K threshold, a strong bounce since Tuesday has revived optimism for another push toward the milestone.
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During this time, the Fear and Greed Index highlighted sustained bullish sentiment. It reached an extreme greed reading of 94 at Bitcoinโs peak before slipping to 75 by Wednesday. The index has since inched up to 78, indicating renewed market confidence in the potential for higher prices ahead.
Jan3 CEO Samson Mow teased even bigger prospects for Bitcoinโs future. Citing a conversation with a contact referenced in the Bitcoin whitepaper, Mow suggested that a seven-figure Bitcoin could be within reach next year. He encouraged everyone to “plan accordingly” for the anticipated surge.
Speculation grew over Mow’s mysterious contact, with many pointing to Adam Back as the likely figure. Mow and Back share a longstanding connection, dating back to Mowโs tenure as CSO at Blockstream, a company Back co-founded in 2014.
The Bear Case
While few would short Bitcoin under current market conditions, some forecasted further drops during the recent lull. Influencer Ran Neuner suggested a potential drop to $73,000.
But skeptics pointed to strong macroeconomic tailwinds, such as a robust stock market and Bitcoinโs historically bullish performance in election years, as reasons why such a sharp decline is improbable.
Joe Consorti, Head of Growth at Theya, highlighted the decline in global M2 money supply as a potential red flag. He estimated that this contraction could lead to a 20-25% correction for Bitcoin.
Bitcoinโs relationship with M2 is rooted in the idea that an increasing money supply often signals rising inflation, prompting investors to move toward risk-on assets like BTC. Conversely, a falling M2 may signal greater caution, steering investors toward safer investments.
On the Flipside
- Short-term crypto price trends can turn on their head rapidly.
- Mow believes itโs a matter of time before Bitcoin records an Omega candle ($100K daily increase) on its way to $1 million.
- The long-term holder supply continues increasing, suggesting a growing belief in Bitcoin.
Why This Matters
As Bitcoin edges closer to $100K, breaking this barrier would cement its status globally, making it harder to dismiss as a fad.
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