Jan3 boss and a vocal Bitcoin advocate from early BTC days Samson Mow has taken to the Twitter/X social media network to comment on the recent Bitcoin price surge to top the $44,000 level. He stated that he does not object against a temporary Bitcoin pullback, offering his reason for such a take.
Bitcoin pullback is fine with Mow, here’s why
Samson Mow, who used to work with the famous cryptographer and Bitcoiner Adam Back in Blockstream (the company that created the Bitcoin Lightning Network) has written on X that he is “bored of Bitcoin at $44,000.”
Answering to a comment, Mow said that he does not mind a Bitcoin pullback now, since s-coins are “rallying too much. They need to cool off.”
Overall, in his earlier tweets this week, Mow made it clear that he expects the flagship cryptocurrency Bitcoin to rally much higher than it has by now. Mow expects BTC to reach $1 million ultimately, since the supply of Bitcoin is declining thanks to institutional investors who are frantically purchasing all Bitcoin they can reach to launch their BTC spot ETFs they filed for.
Besides, Mow reminded the crypto community that the fourth Bitcoin halving is drawing closer, and after it, in April next year, only slightly over 3 BTC will be issued by miners per block.
Besides, data shows that retail investors are also hunting Bitcoin and adding it to their cold wallets; per VC investor and Bitcoin advocate Anthony Pompliano, retail purchases amount to more than 900 BTC per day.
Bitcoin price retracing a little
This week, on Tuesday, Bitcoin finally made it above the $44,000 level, making the BTC community ecstatic as everyone is expecting Bitcoin spot ETFs to be approved by the SEC any day now. Bitcoin then advanced as high as the $44,400 zone.
After a tiny decline, on Friday, BTC surged to the $44,600 area again and then Bitcoin pulled back, declining by almost 2% and exchanging hands at $43,865 at the time of this writing.