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Samson Mow, the founder and CEO of Bitcoin infrastructure firm Jan3, believes the Bitcoin bull run has not yet started — even as the cryptocurrency hovers just below the $100,000 mark. According to Mow, the market is merely “marginally outperforming inflation” and remains in the early stages of what could become a generational rally.
“The Bitcoin bull run hasn’t started yet. We’re just marginally outperforming inflation at this price range,” Mow said on Wednesday, as BTC briefly fell under $100,000 amid renewed market volatility.
Bitcoin’s pullback this week has been attributed to trade tensions between the United States and China, alongside other macroeconomic pressures. Data from CoinGecko shows that Bitcoin’s price dipped to around $99,607, fueling short-term concerns among traders.
Despite the correction, Mow remains confident that the long-term trajectory remains upward, noting that Bitcoin continues to outperform inflation and traditional assets.
Mow Predicts Upside Ahead Despite Market Weakness
In a series of posts on X (formerly Twitter), Mow reiterated his bullish stance, predicting that the market still has “plenty of upside” ahead. He reminded followers that volatility is normal in Bitcoin’s price cycles and suggested that the next strong move could be imminent.
When asked about the possibility of a “Christmas god candle” — a term used to describe a sudden, massive price surge — Mow responded that he is “not uncertain,” hinting at potential bullish momentum before the year ends.
Mow has previously forecast that Bitcoin could surge to $1 million in what he described as a “short and violent upheaval.” While acknowledging that he doesn’t personally believe in traditional four-year cycles, he noted that if such cycles do hold, the next peak could arrive in 2026.
“Bitcoin has been basically flat for 2025. If you believe in cycles, then it hasn’t topped,” Mow wrote. “That means a longer cycle, maybe a top in 2026—or it means a generational bull run like gold post-ETF, or no more cycles at all. Plan accordingly.”
Dismissing Fears of Bitcoin OGs Selling
Mow also addressed recent speculation that early Bitcoin adopters — often called “OGs” — are offloading their holdings at current prices. The rumor, according to Mow, has unnecessarily fueled fear among retail traders.
“People are fearful because they created their own theory that OGs are selling above $0.1M, and they may sell more. It’s incredible how people are capable of self-owning themselves with fear,” he said. “Focus on the big picture. Bitcoin is going to add a zero; it’s just a question of when.”
He added that he doesn’t personally know of any long-term holders who are selling their Bitcoin positions. Instead, he urged traders to shift their attention toward long-term accumulation and the broader institutional developments taking shape in the crypto space.
Analysts Differ on Market Dynamics
Some market observers, such as Jordi Visser, a Wall Street veteran and macro analyst, have suggested that Bitcoin is currently in an “initial product offering” phase. According to Visser, long-term holders are distributing coins to new entrants who are just beginning to accumulate.
Mow, however, disagreed with this interpretation. He emphasized that Bitcoin’s fundamentals remain strong, institutional adoption continues to expand, and the ongoing market consolidation could serve as a foundation for a major breakout in the coming years.
Jan3’s “Inverted” Fear and Greed Index
Interestingly, Mow’s company Jan3 tracks its own version of the Crypto Fear & Greed Index, which inverts the traditional sentiment indicator. While the classic index currently shows “extreme fear” with a reading near 23, Jan3 labels the same reading as “extreme greed” — reflecting the mindset of true Bitcoin believers.
“The market’s crying. Bitcoiners? Still stacking,” the company wrote. “Fear and Greed Index sits at 23, which is the Extreme Greed area. Because Bitcoiners fear missing sats, not Bitcoin price drops.”
This philosophy highlights the long-term conviction among Bitcoin advocates, who see dips as opportunities to accumulate rather than reasons to panic.
Looking Ahead: A Generational Bull Run?
While Bitcoin’s price has been largely stagnant in 2025, Samson Mow remains one of the most prominent voices predicting a monumental rally ahead. His view suggests that the current consolidation phase could precede either a longer market cycle or an unprecedented multi-year uptrend, similar to gold’s rise after its ETF introduction.
With institutional adoption growing, macroeconomic uncertainty increasing, and retail sentiment turning cautious, Mow believes conditions are aligning for Bitcoin’s next major move.
For now, traders remain divided on whether Bitcoin will end 2025 on a bullish note. But if Mow’s predictions hold true, the real bull run may still be in its early innings — and those who remain patient could stand to benefit the most when Bitcoin “adds another zero.”
