In a recent X post, renowned blockchain expert Samson Mow has made a bold prediction, foreseeing Bitcoin (BTC) on the brink of a remarkable surge, skyrocketing to $1 million in just a matter of days to weeks. Known for his confident statements, Mow underlines the imminent perfect storm he believes will propel the cryptocurrency to this unprecedented price level. However, Mow clarifies that the exact date for this surge has yet to be determined.
Mow’s optimism stems from the recent approval of spot-based Bitcoin ETFs by the Securities and Exchange Commission for multiple companies. Addressing the current state of Bitcoin ETFs, Mow observes a period of market adjustment. The recent introduction of Bitcoin ETFs, coupled with BlackRock’s (NYSE:BLK) acquisition of 11,500 BTC, has contributed to the ongoing recalibration.
Simultaneously, GBTC holders are exiting positions, creating sell pressure and pushing prices down. Mow anticipates that this process will not be prolonged, as many are hesitant to sell due to significant tax implications, eventually leading to Grayscale’s fee capitulation.
While the countdown to Bitcoin halving stands at 97 days, Mow advises investors to focus on raw Bitcoin demand and overlook short-term inefficiencies. He stresses that the existing supply will not meet the current demand, and with the BTC halving approaching in a few months, strategic planning becomes crucial for those eyeing the crypto market.
As 2024 unfolds, Mow’s audacious prediction adds an extra layer of anticipation and excitement to the Bitcoin landscape. The crypto community eagerly awaits to witness whether the expert’s foresight will indeed materialize in the imminent future.
