Samson Mow Predicts a $1 Million Bitcoin Injection “Very Soon,” But He Also Says Altcoins Are Due for a Big Retracement
Samson Mow, who is currently the president of the Bitcoin-centric startup Jan3 and was formerly the chief security officer at Blockstream, is an outspoken Bitcoin maximalist who believes the top cryptocurrency will reach $1 million “very soon.”
Mow has warned that the price of cryptocurrencies is poised to fall. He made the point that, in contrast to Bitcoin’s impressive growth, altcoin gains are not sustainable.
Although it may seem absurd, one prominent industry veteran is certain that one Bitcoin will be worth one million dollars this year.
The leading cryptocurrency, according to Samson Mow’s prediction on the What Bitcoin Did podcast, might see an explosive rise to seven figures in the next few months. “If not this year, then next year, I believe we will reach $1 million. However, it will be here shortly,” according to the Jan3 CEO.
As of this writing, one Bitcoin is worth $69,306. The cryptocurrency asset’s price would have to surge more than 1,285% from its present level to hit $1 million.
The present demand-supply dynamics, together with the impending 4th halving of Bitcoin, are what led Mow to maintain his positive outlook. A watershed moment for the expanding BTC market came in January with the approval of a number of spot Bitcoin ETFs. Now that large financial institutions are buying Bitcoin, the asset’s demand has skyrocketed.
“We are in the ideal position for a run-up with our current configuration. The demand is far higher than the supply. There will soon be a shortage. In a month, we will have halved. As a whole, the exchange-traded funds are attracting around 22,000 BTC… The demand is ten times higher. The pricing should respond proportionally now that it’s heading to 20x,” he stated.
In the past, halving occurrences have signaled massive price increases for Bitcoin. Samson Mow has issued an important alert regarding an impending altcoin collapse. Mow said that altcoin gains are very delicate since they do not have the record-breaking investment inflows that Bitcoin is seeing. He cited the large disparity in daily influxes between spot Bitcoin exchange-traded funds and other cryptocurrencies.
He pointed out the glaring difference in the market capitalization of cryptocurrencies like Solana (SOL) and firms like Bitcoin-holder MicroStrategy.
In a unique scenario, Mow expressed his expectations in answer to X users’ concerns about potential market dynamics. In this scenario, a large downturn in altcoins occurs at the same time as Bitcoin’s ongoing climb. According to this forecast, altcoins will not follow the typical pattern of fluctuating prices that reflects Bitcoin’s.
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