In recent weeks, the cryptocurrency market has faced bearish trends, driving crypto market capitalization down to its lowest level in over two months.
However, according to some market analysts, Bitcoin (BTC) and other altcoins are still resilient despite the overall market climate. But, it’s not only the market analysts still holding onto the bullish sentiment.
At the BTC Prague 2023 conference, Jan3 CEO Samson Mow spoke with Cointelegraph about how he sees the current state of the Bitcoin market and why he’s bullish for the near and long-term future.
In terms of price, Mow said that anything under 30K is “massively undervalued” and bound to make a rebound sometime soon. The last time BTC hit that price point was in April 2023, for the first time in ten months.
Nonetheless Mow said he’s not bearish at all and believes that BTC will hit six figures.
“I’m bullish because everyone needs Bitcoin.”
He pointed out this is becoming more apparent to the greater world as traditional financial systems continue to face turmoil.
“The banking system is failing. The legacy financial system is failing. Money is not money anymore and stopped being money some time ago, payments can be frozen. Nothing works. Only Bitcoin works.”
Mow told Cointelegraph, that he expects to see a wave of Bitcoin adoption within the next five years.
Related: BTC Prague 2023: ‘Anyone can produce value in the Bitcoin ecosystem’
In terms of the technology behind Bitcoin, Mow said, “there’s no more exciting time than now.”
“We’re seeing more people talking about new Bitcoin layers, new protocols, ARK, and I think liquid is getting more traction again.”
“I think people are just now understanding that maybe we should look into liquid,” he said. “It’s a very exciting time if you’re paying attention to the technical part of Bitcoin, so pay attention, everyone.”
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