Bitcoin to ‘Godzilla Straight Past ATH’ Despite Massive Carnage: Samson Mow

by

As a researcher with experience in the cryptocurrency market, I find Samson Mow’s perspective on the recent Bitcoin price plunge intriguing. His belief that this correction is an “artificial price suppression” due to large BTC transfers from governments and the now defunct Mt. Gox exchange during a low liquidity holiday period is a valid point worth considering.

Samson Mow, a Bitcoin industry veteran who previously held the role of Chief Strategy Officer at Blockstream and now serves as CEO at Bitcoin-centric company JAN3, has expressed his views on the recent downturn in Bitcoin’s price through X, formerly recognized for its widespread popularity as Twitter.

He made the point that Bitcoin’s true value is likely over $0.1 million at this stage, and he predicted the emergence of a massive price movement or “Godzilla candle” in the near future.

“Bitcoin scam dip; price should be above $0.1 million”

Expert: Mow, a well-known influencer in the cryptocurrency world, has expressed his belief that the significant drop in Bitcoin’s price lately is not a natural market occurrence but rather an “artificially induced price decrease.” He points out that this Bitcoin correction occurred concurrently with substantial Bitcoin transfers from the German government and Mt. Gox during a period of low market liquidity.

“That all seems ‘too perfect,’ Mow noted. He characterized the present situation as a contrived ‘scam dip’ for Bitcoin. The CEO of JAN3 believed that realistically, Bitcoin should be priced above $100,000 without this decline.”)

As a researcher, I firmly maintain my stance expressed in the PunterJeff and ryQuant podcast regarding the observed price manipulation. The synchronization of this event with significant wallet transfers originating from Germany and the defunct Gox exchange, during a low liquidity holiday period, raises suspicions that are hard to ignore.

— Samson Mow (@Excellion) July 5, 2024

This week, the American administration has moved approximately $75 million in Bitcoins to the foremost US cryptocurrency trading platform, Coinbase.

The majority of these funds were obtained during the closure of the illegal Darknet marketplace, Silk Road, over a decade ago, and additionally seized through law enforcement actions against cybercriminals and swindlers.

This week, over $241 million in Bitcoin was transferred to centralized cryptocurrency platforms such as Coinbase, Bitstamp, and Kraken. Additionally, German authorities moved roughly $700 million in Bitcoin from their holdings to these same exchanges.

Mount Gox, the defunct cryptocurrency exchange, initiated repayments to investors today, transferring approximately 47,229 bitcoins, valued over $2 billion, in preparation for payouts. Previously, the exchange moved 1,545 bitcoins, equivalent to around $84.87 million in traditional currency, to Bitbank.

Bitcoin to “Godzilla straight up past ATH”

As a researcher studying the Bitcoin market, I’ve noticed some sellers, referred to as “weak hands,” continuing to dispose of their Bitcoins due to fear of potential selling waves from Mt. Gox and the German government. However, based on my analysis, I believe that the impact of these sell pressures will ultimately prove insignificant.

As a researcher studying the cryptocurrency market, I’ve noticed Max Pain making a move to sell their Bitcoin holdings, anticipating a prolonged period of selling pressure from Mt. Gox and Germany. However, this perceived sell-off turned out to be insignificant as we unexpectedly witnessed a surge in demand, propelling the price past its all-time high (ATH).

— Samson Mow (@Excellion) July 5, 2024

Despite the current situation, I strongly believe that Bitcoin will smash its previous record-high price and reach new historic heights, almost like Godzilla storming past an old benchmark.

Read More

2024-07-05 15:52