Samson Mow says bitcoin bottom is in despite skepticism from analysts
Key takeaways
- “But we had an (all-time high) ATH 37 days before the halving, so it would seem even if you believe in cycles, you should reason out that the cycles accelerated.
- Mow said he believes that bitcoin reaching a then-all-time high 37 days before the April 2024 halving suggests the traditional four-year cycle has accelerated, making historical cycle comparisons less reliable.
- Mow is not the first to argue that bitcoin's traditional four-year cycle has changed.
Samson Mow (Pixelmatic)Summary Show Samson Mow argues that bitcoin’s price bottom has already been set, saying the traditional four-year halving cycle has accelerated after an all-time high arrived 37 days before the April 2024 halving.Other analysts contend that bitcoin may not have bottomed yet, pointing to technical indicators such as bear crosses in long-term moving averages and the 200-week moving average as signs further downside is possible.Forecasts for a potential bottom vary widely, with some analysts seeing limited downside while others predict bitcoin could fall into the $40,000 to $55,000 range later this year before a durable low is established.The bitcoin bottom is in, said Samson Mow in an X post on Sunday, arguing that the traditional four-year halving cycle has accelerated.
“I find it incredibly interesting how some people are so certain that the bottom is coming in four months because of ‘cycles,’” said Mow, who is best known his $1 million prediction and his work with El Salvador’s bitcoin initiatives, as well as his work promoting nation-state bitcoin adoption worldwide.
“But we had an (all-time high) ATH 37 days before the halving, so it would seem even if you believe in cycles, you should reason out that the cycles accelerated. The bottom is in,” said Mow, former chief strategy officer at Adam Back’s Blockstream.