“The Real Bull Run Has Yet to Begin”

Following Bitcoin’s brief drop below $100,000 earlier this week, Mow remarked that the current price range only slightly outpaces inflation:

“The Bitcoin bull run hasn’t started yet. At these levels, we’re only marginally outperforming inflation.”

Analysts have attributed the recent downturn to U.S.–China trade tensions and broader macroeconomic headwinds. Data from CoinGecko shows that Bitcoin dipped to $99,607 on Wednesday.

Despite the pullback, Mow remains optimistic. In a series of posts on X (formerly Twitter), he emphasized that Bitcoin still has “plenty of upside,” highlighting that it continues to outperform the 3% U.S. inflation rate.

The “Christmas Candle” and 2026 Outlook

When asked whether Bitcoin might experience a dramatic holiday surge — often referred to as a “Christmas god candle” — Mow confidently replied that he was “not uncertain.”

The Jan3 founder, who has previously predicted a sharp move toward $1 million per BTC, also commented on market cycle theories:

“Bitcoin has been mostly flat throughout 2025. If you believe in cycles, then it hasn’t topped yet. That could mean a cycle peak in 2026 — or perhaps a long, generational bull run similar to gold’s post-ETF era.”

Mow: “Bitcoin OGs Aren’t Selling”

Macro analyst Jordi Visser recently suggested that Bitcoin is in a phase where early holders are offloading their coins to new market participants. Mow dismissed these claims, arguing that such fears are exaggerated:

“People are fearful because they created their own theory that OGs are selling above $0.1M. It’s incredible how people self-sabotage with fear. Focus on the big picture — Bitcoin will add another zero, it’s only a matter of when.”

He added that he doesn’t know “any OGs who are actually selling,” reinforcing his belief in long-term accumulation among early adopters.

Jan3’s Take on Market Sentiment

While the Crypto Fear & Greed Index has fallen back into “extreme fear” territory, Jan3’s internal model paints the opposite picture:

“The market is crying, but Bitcoiners are still stacking. The index reads 23 — which for us means extreme greed, because Bitcoiners fear missing sats, not price drops.”

Mow’s remarks suggest that despite temporary volatility, long-term confidence in Bitcoin remains strong, and the next true bull cycle may only be getting ready to start.

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