Samson Mow, former CSO at Blockstream and currently chief executive at Bitcoin-focused company JAN3, has taken to the X platform (formerly widely famous as Twitter) to share his take on the current Bitcoin price plunge.
He also stated that Bitcoin should realistically be worth more than $0.1 million already, and again he said that he expects a Godzilla candle to appear soon.
"Bitcoin scam dip; price should be above $0.1 million"
Mow has commented on the bloodbath that the world’s flagship cryptocurrency, Bitcoin, has faced recently. The influencer is definite that this is “artificial price suppression” – he stated that the timing of this massive Bitcoin correction coincides with large BTC transfers made by the German government and Mt. Gox during a low liquidity holiday period.
That all seems “too perfect,” Mow pointed out. He referred to what is happening now as an artificial “scam dip” for Bitcoin. If it were not for this plunge, Bitcoin should “realistically” cost more than $100,000 now, according to the JAN3 CEO.
I stand by what I said on @PunterJeff and @ryQuant’s pod that this is artificial price suppression. The timing of it all to coincide with wallet movements from Germany and Gox, at a low liquidity holiday period is too perfect.
— Samson Mow (@Excellion) July 5, 2024
This week, the American government has transferred a whopping $75 million worth of Bitcoin to the largest U.S. crypto exchange, Coinbase.
These funds were mostly seized when the Darknet marketplace, Silk Road, was shut down more than 10 years ago, as well as confiscated as a result of operations against hackers or fraudsters.
In total, this week, more than $241 million in BTC was moved to Coinbase and other centralized crypto exchanges, like Bitstamp and Kraken. The German government has also sold large BTC stashes. Together, these governments have moved approximately $700 million in Bitcoin to exchanges.
Besides, the now nonfunctional Mt. Gox exchange began its repayments to investors today, transferring 47,229 BTC worth more than $2 billion, preparing to start payouts. Earlier today, the exchange transacted 1,545 BTC to Bitbank – that is the equivalent of $84.87 million in fiat.
Bitcoin to "Godzilla straight up past ATH"
While “weak hands” continue selling their Bitcoin, Mow tweeted, driven by the fear of “a long drawn out wave of selling” to be made by Mt. Gox and the German government, Mow believes that the sell pressure will turn out to be negligible.
Max Pain is weak hands selling their #Bitcoin now, expecting a long drawn out wave of selling from Gox and Germany, but that sell pressure turns out to be negligible and we just Godzilla straight up past the ATH.
— Samson Mow (@Excellion) July 5, 2024
Therefore, in spite of this, Bitcoin will just “Godzilla straight up past the all-time high” to a new historic price peak.