In a recent panel discussion at Consensus Hong Kong 2025, Samson Mow, CEO of Jan3 and prominent Bitcoin developer, expressed concerns over Bitcoin’s current price behavior, suggesting it appears ‘manufactured’ and possibly subject to artificial suppression. This outlook comes amidst Bitcoin’s price suppression below the $100,000 mark, which has left many crypto investors with waning bullish momentum.
Bitcoin’s Price Action Not Entirely Natural
The interest surrounding BTC has been so massive this cycle, with institutional investments pouring in from every angle, especially through Spot Bitcoin ETFs. Furthermore, there have also been massive direct purchases from big players like MicroStrategy and continued purchases from the El Salvadoran government. There have also been rumors of plans being put in place to create a Bitcoin reserve in the US, which is normally supposed to keep the BTC price moving upward due to anticipation.
Despite this wave of institutional and government-backed accumulation, Bitcoin’s price action has defied bullish expectations. Over the past three months, BTC has been locked in a relatively narrow trading range, struggling to break through the psychological barrier at $100,000. The majority of this period has seen the asset fluctuating below this level, frustrating bulls who anticipated a sustained breakout. A brief surge to an all-time high of $108,786 occurred on January 20 after U.S. President Donald Trump’s inauguration, but the price quickly reverted to its previous range.
Mow has pointed out what many in the crypto community have begun to suspect: that this persistent sideways movement, despite sustained institutional buying, may indicate that prices are being artificially suppressed.
“You’ve got retail buyers who are dollar-cost averaging and buying, and because the price is set at the margin, so that means somebody has to be selling,” Mow said.
Rally Resumption Could Send BTC To $2 Million
Spot Bitcoin ETFs, the major drivers of buying pressure, have witnessed more days of outflows than inflows this February. However, the sentiment surrounding the asset is still bullish, with on-chain data showing that long-term holders are still in a state of ‘belief’ even as the price continues to trade under $100,000.
Still speaking at the conference, Samson Mow emphasized that institutional investors are still cautiously approaching Bitcoin exposure through Spot ETFs, describing their current involvement as merely testing the waters. These ETFs have grown to hold over $112 billion worth of BTC assets in the one year since their launch and are still setting the stage for continued bullish price action for the next decade or two.
Mow is known for his stance on the $1 million price target for Bitcoin. However, he has now revised his target, suggesting that BTC could surge as high as $2 million per BTC. This prediction was made on social media platform X, which came as a response to another post that highlighted the entry of major institutional players like Goldman Sachs buying BTC through the Spot Bitcoin ETFs.
At the time of writing, BTC is trading at $96,950, up by 1.7% in the past 24 hours.
