Samson Mow, CEO of Jan3, posted on X on Feb 5 a strongly bullish view that bitcoin is materially undervalued, arguing current prices fail to reflect fundamentals. He stated: "The fundamentals haven't changed. There is no reason for bitcoin to be trading at these levels. Keep calm and HODL on."
Bear market since early 2025, now ending
In a follow-up post on Feb 4, Mow elaborated: "Bitcoin has been in a bear market since 2025. That bear market is now coming to an end." He referenced analysis from Bitwise CIO Matt Hougan, who dated the start of the bear market to January 2025. Mow challenged price-focused interpretations: "The main contention was that bitcoin made a new ATH in 2025, therefore it couldn't have been a bear market. But that is an oversimplistic take on the entire macro situation."
Bitwise CIO: Full-blown crypto winter, not a correction
Matt Hougan posted on Feb 3 describing the downturn as a prolonged crypto winter beginning in January 2025 and now approaching its later stages. He wrote: "We have been in a crypto winter since January 2025. Chances are, we're closer to the end than the beginning." Emphasizing the depth, he stressed: "This is not a 'bull market correction' or 'a dip.' It is a full-bore, 2022-like… crypto winter." Hougan noted that retail crypto has been in a brutal winter since January 2025, while ETFs and corporate treasuries keep accumulating. With improving legal clarity, he concluded: "I think we're going to come roaring back sooner rather than later."
Macro perspective: Late stages of fiat, anything can happen
Mow reinforced that bitcoin's trajectory should be evaluated across multiple dimensions: "So, bitcoin has been in a bear market for a long time now. Albeit a bear market where it did make an ATH in fiat terms. But these are not normal times. Just look at what's happening with metals. We're in the late stages of fiat and anything can happen." He highlighted that informed participants are accumulating with speed and urgency. With bitcoin's fixed supply, growing institutional familiarity, and global liquidity conditions, the long-term investment thesis remains intact. Mow and Hougan both suggest the current phase represents a late-cycle opportunity for long-term holders.