As an analyst with over two decades of experience in the financial markets, I find Samson Mow’s recent comments regarding his $1 million Bitcoin prediction quite intriguing. In my years in this industry, I have seen numerous predictions that turned out to be far from accurate, yet they continue to fuel market speculation and drive investor behavior.
In a recent post, Samson Mow, an ardent Bitcoin advocate and CEO of the Bitcoin-centric firm JAN3, addressed critics within the cryptocurrency community who have branded his frequent $1 million BTC forecasts as risky.
In a response to the “alerts,” Mow jokingly tweeted, “Why are people saying my $1.0M Bitcoin prediction is risky? Ha-ha!
“Is there really a risk? Some people might reduce their purchases of plastic knick-knacks and accumulate more Bitcoin instead, or others might put their home on the line by investing heavily in it.
— Samson Mow (@Excellion) September 11, 2024
In the discussion below, the JAN3 supervisor noted that the potential risk could be people purchasing fewer novelty items made of plastic and instead accumulating more cryptocurrencies, possibly referring to altcoins as these “plastic trinkets.” Another risk he mentioned is the possibility of someone mortgaging their home to invest heavily in Bitcoin.
Previously, Mow recalled to his audience that he had faced similar criticisms regarding his “risky Bitcoin predictions,” specifically when he forecasted Bitcoin reaching $30,000.
Toward the beginning of the year, Mow expressed enthusiasm on Twitter about the largest cryptocurrency by market capitalization potentially reaching a million dollars soon. At that time, he highlighted two primary factors contributing to this growth spurt. The first was the upcoming Bitcoin halving event. Secondly, he mentioned the possibility of the SEC approving spot Bitcoin exchange-traded funds in January as another catalyst for this surge.
Mow believed that the halving would definitely create a supply shock for BTC, while the ETFs (as they started to accumulate all Bitcoin within their reach) would soon make a demand shock for Bitcoin. According to him, as soon as those shocks meet, Bitcoin would soar to $1 million.
Last summer, Mow forecasted that the value of Bitcoin could surpass $1 million within the coming twelve months.
$850 million in Bitcoin dumped on market
As a researcher, I’d like to highlight my own findings from Tuesday, where I, in collaboration with data from CryptoQuant, shared insights with my followers on the X platform. Known for my frequent posts on cryptocurrency charts predicting prices and major market movements, these findings were centered around price predictions and significant market shifts.
It became clear that short-term traders, sensing the upward trend of Bitcoin, sold off approximately $850 million worth of the cryptocurrency. This substantial sell-off occurred over the span from Monday to Tuesday, during which time Bitcoin experienced a significant 6% price increase. Starting from around $56,500, Bitcoin peaked at a local high of $57,940.
In the past 24 hours, however, the largest crypto has fallen back to $56,500, declining by 2.47%.
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2024-09-11 11:53