Bitcoin’s price has seen minor fluctuations in recent days, leaving investors on what some might call a “boring rollercoaster ride.” This type of market activity is often referred to as a “crab market,” where prices move sideways with little significant change, or “pvp,” a term for a player-versus-player scenario where traders compete without much directional movement.
Despite the stagnation, Bitcoin’s price remains at $67,000, a recovery from last week’s drop to $50,000, although it is still far from its all-time high above $74,000.
These market conditions often cause anxiety among investors, as fear, uncertainty, doubt and greed dominate the mood. These emotions can lead to hasty decisions and mistakes.
However, for Samson Mow, a well-known figure in the crypto space, these fluctuations are not a cause for concern. Mow, known for his bold predictions, including a prediction that BTC will reach $1 million, maintains a steady forecast.
This is how Bitcoin works
In a recent statement, Mow explained his view on Bitcoin’s price action. He said the pattern is predictable: investors sell at certain levels, thinking they are making smart moves, but then Bitcoin soars to new heights, leaving those who sold wishing they hadn’t.
Mow believes that this cycle is a fundamental characteristic of the Bitcoin market dynamics.
Here’s how #Bitcoin works:
People sell at a certain level thinking they are smart.
Bitcoin is melting and moving to a new level.
“Smart” people regret selling.
Repeat.
— Samson Mow (@Excellion) July 25, 2024
While Mow’s explanation has yet to be fully confirmed, seasoned crypto market participants may find some truth in his observations. The idea that Bitcoin’s price action is somewhat cyclical and driven by investor behavior is a common belief among experienced traders.
