Bitcoin advocate and Jan3 founder Samson Mow believes the highly anticipated BTC bull run is still ahead, despite the cryptocurrency slipping below the $100,000 mark earlier this week. According to Mow, the current price movement shows only modest growth against inflation rather than the explosive gains expected in a true bull cycle.
“The Bitcoin bull run hasn’t started yet. We’re just marginally outperforming inflation at this price range,” Mow said on Wednesday, as Bitcoin (BTC) traded around $103,196.
The broader crypto market also slumped this week, with analysts pointing to escalating U.S.-China trade tensions and macroeconomic uncertainty as key drivers behind the sell-off.
Mow Predicts a Massive Upside Ahead
Despite the decline, Mow remains optimistic. In a series of posts on X (formerly Twitter), he argued that Bitcoin still has significant upside potential and continues to outperform the U.S. inflation rate of 3%.
When asked by a commentator if a “Christmas god candle,” a term used to describe a sudden surge in buying momentum, could appear this year, Mow responded that he was “not uncertain.”
Earlier this year, Mow predicted BTC could skyrocket to $1 million in what he described as a “short and violent upheaval.” On Wednesday, he revisited the topic of market cycles, suggesting the next cycle top could occur in 2026, though he admitted he doesn’t necessarily believe in fixed cycles.
“Bitcoin has been basically flat for 2025,” he wrote. “If you believe in cycles, then it hasn’t topped. Maybe a longer cycle, a 2026 top, or maybe a generational bull run like gold post-ETF. Plan accordingly.”
Bitcoin OGs Are “Still Stacking,” Not Selling
Contrary to recent claims by analysts like Jordi Visser, who suggested older BTC holders are selling to new traders, Mow insisted that long-term Bitcoiners are holding firm. “People are fearful because they created their own theory that OGs are selling above $0.1M,” he said. “Focus on the big picture. BTC is going to add a zero; it’s just a question of when.”
Meanwhile, Mow’s company Jan3 reported a contrasting take on market sentiment. While the Crypto Fear & Greed Index shows “extreme fear,” Jan3’s own index interprets this as “extreme greed,” suggesting Bitcoiners are eager to accumulate more coins despite price dips.
“Bitcoiners fear missing sats, not Bitcoin price drops,” the company wrote, reaffirming Mow’s stance that the best may be yet to come.