Bitcoin has risen more than 23 percent over the past week to regain the $77,000 level. Jan3 CEO Samson Mow (모우) argued that Bitcoin has not yet reached a “real bull run.”

On Aug. 22, blockchain media outlet U.Today reported that his remarks are fuelling debate within and outside the cryptocurrency market as optimism has grown with the recent market rebound. Bitcoin is extending gains in a recovery trend in the broader cryptocurrency market.

Investor sentiment has also improved quickly. The market mood suggests expectations are rising again for further gains on the back of Bitcoin’s rally.

Mow, also known as a Bitcoin advocate, linked his argument to an assessment of last year’s record high of $126,000. He said at the time that even the new high was only “keeping up with inflation.” The record high is meaningful in absolute price terms, but he judged that it is far from the explosive gains Bitcoin could show when changes in the value of money are taken into account.

The remark partly reins in the optimism that has spread recently. At the same time, it is paradoxically also stoking expectations for larger moves in the next upcycle. Traders have stepped up debate again over how far Bitcoin could rise in this cycle after the recent rebound.

Price action alone shows the market mood has clearly changed. Bitcoin has climbed more than 22 percent in the past week to regain $77,000. That is the highest level since May. Investor confidence has recovered in the process, and more forecasts are emerging that point to further gains over the coming months.

Mow’s message, however, focuses on the quality of the rise rather than the current price itself. He also said last year’s $126,000 peak was hard to view as a “real rally.” While the market is focusing on reaching a new high itself, Mow sees that figure alone as insufficient to gauge Bitcoin’s potential.

In this context, market attention is splitting in two directions. One is whether the recovery to $77,000 will become a starting point for further gains. The other is whether Bitcoin still has a full-fledged bull market ahead, as Mow said. The rebound has clearly revived investor sentiment, but investors continue to weigh whether this rise is simply a recovery phase or the start of a bigger cycle.

What if I told you we haven’t had a real Bitcoin bull run and the last ATH of $126k was just keeping up with inflation? pic.twitter.com/WFjaJiqjU5