Bitcoin Advocate Samson Mow Predicts $1 Million Price Target
Samson Mow, the CEO of Jan3 and a renowned crypto bull, made another audacious forecast on social media predicting that Bitcoin will eventually reach $1 million.
He has continuously talked about his belief in the potential of Bitcoin to hit this target.
Mow reiterated his prediction earlier this year ahead of Bitcoin’s fourth halving that is scheduled for April. The approval of spot Bitcoin ETFs by SEC in January according to him led to a heavy accumulation of BTC which he thinks will cause a demand shock. On the other hand, the halving, which reduced block rewards by half, will lead to a supply shock.
As per Mow’s summarization, these supply and demand shocks combined will push Bitcoin price beyond $1 million mark.
However, he says he can’t tell when that will happen or how quick Bitcoin may get to that stage.
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Mow suggests that if there is no significant price surge (“Godzilla candle”) soon enough then there are high chances that it would be an dramatically large move (“Omega candle”). He even wondered if BTC could rise from 70K to 200K overnight.
On the other hand, Santiment- an on-chain data aggregator – recently reported that non-empty BTC wallets dropped significantly prior to Bitcoin’s ATH on March 14th.
📊 Bitcoin holders have just had their biggest 3-day drop in non-empty wallets since just prior to the March 14th all-time high. Unlike then, BTC has been sliding, provoking traders to liquidate for fear of further drops. Meanwhile, Ethereum wallets keep growing in number. pic.twitter.com/UIfXLkJ1HH
— Santiment (@santimentfeed) June 18, 2024
This decrease happened because people were selling off their holdings after seeing the prices drop, expecting further declines.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
