Bitcoin has rebounded more than 22 per cent in the past week, with a return to $79,000, which has been high since May. As the mood in the market warms, the discussion on a new upswing cycle rises again. According to foreign media reports, Samson Mow, the founder of Jan3, believed that the wheel was still insufficient to show that Bitcoin had entered real cattle.
Mow diluted last year's significance.
Mow stated that the rise of Bitcoin to $1.26 million last year could not simply be seen as evidence of a strong cattle market. His judgement is that this high point is more a reflection of the adjustment of assets to the inflationary environment than of the rapid expansion typical of bitcoin.
In this sense, the new highs in nominal prices alone do not suffice to suggest that the market has experienced a large-scale upturn. Mow believes that, if inflation were taken into account, the practical significance of the previous round would be diminished.
Market discussions are getting warmer.
After the recovery of the bitcoin in $79,000, market risk preferences rose markedly, and investors ' expectations of subsequent trends improved. Mow ' s statement has therefore given rise to more discussion, focusing on whether the current increase is the starting point of a new cycle or a phased restoration.
His point was not to deny a bitcoin's upper space, but rather to emphasize that the current price performance was not as strong as he defined the “real cow market”. In other words, while the market has clearly recovered, there may still be a distance from a larger expansion.
Bitcoin has been up since May.
In terms of price performance, the recent rebound of Bitcoin has led to the restoration of market confidence, which has also contributed to the expected renewed warming. According to external sources, with this round rising, traders have become more optimistic about the price outlook for the coming months.
However, the core of this commentary is not to give a specific price, but rather to remind the market that the presence of cattle markets should not be defined solely by historical heights or short-term increases. The judgement surrounding the real upswing of Bitcoin remains one of the current market discussions.