Bitcoin To Reach $1 Million In Days To Weeks, Crypto Analyst
15 Janeiro 2024 - 11:00AM
NEWSBTC
The CEO of Jan3 and Bitcoiner, Samson Mow, has once again
reiterated his ultra-bullish prediction for Bitcoin. The Bitcoin
advocate noted that the ‘Max Pain Theory’ was still in play, and
this is one of the reasons why he isn’t backing down from his
assertion that Bitcoin will hit this price level sooner rather than
later. Bitcoin’s Rise To $1 Million To Happen “In Days To
Weeks” Samson Mow stated in an X (formerly Twitter) post that his
“main prediction” is that Bitcoin’s run to $1 million will happen
in “days to weeks.” However, he further claimed that the starting
point for this meteoric rise has yet to be decided. Related
Reading: Solana Is Not Done: Analyst Identifies Bull Flag That Will
Trigger Massive Rally Above $150 The analyst’s bullish prediction
for Bitcoin stems from his belief in the max pain theory, which
relates to a Bitcoin price that could cause most options traders to
experience maximum loss. In Mow’s opinion, Bitcoin bulls have
experienced this loss following the approval of the Spot Bitcoin
ETFs, and the bears could experience “some pain soon.” Right before
the approval order came in, Mow had predicted that Bitcoin was
going to surge to $1 million in “days to weeks” and that most
people were going to experience “max pain.” These ETFs also form
part of the basis for why he believes that Bitcoin will hit this
price level soon enough, as Mow foresees a huge demand for btc
following this. Mow says that the Bitcoin market is getting to a
point where the existing supply will not meet current demand. He
also alluded to the upcoming Bitcoin Halving, hinting that it could
be one of the catalysts that will spark this parabolic rise in
Bitcoin’s price. Interestingly, he had before now mentioned that
Bitcoin will hit a new all-time high (ATH) before the Halving event
takes place. BTC bulls struggle to reclaim control | Source:
BTCUSD on Tradingview.com A Market Adjustment Is Currently Ongoing
Mow also gave his opinion on the reason for Bitcoin’s recent
decline as he noted that the market was simply adjusting. He
further explained that GBTC holders were currently rotating out,
which was pushing Bitcoin’s price down. He also alluded to how
MicroStrategy’s stock was “trading below BTC par value.” Related
Reading: How To Buy And Trade Tokens On The SEI Network Therefore,
the crypto community needs to be patient as “time is needed for
everything to recalibrate,” Mow says. It shouldn’t be long for that
to happen, though, as the crypto analyst claimed that the GBTC sell
pressure “won’t be a long drawn out process.” He believes
that many of GBTC’s investors won’t be able to offload their stocks
because the “tax hit is too big” and that Grayscale will eventually
capitulate on its fees. The asset manager currently has the largest
fee among all Spot Bitcoin ETF issuers, and this is believed to be
the reason why its investors are offloading their shares and
rotating to other funds. Featured image from Bitcoin News,
chart from Tradingview.com
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