Bitcoin (BTC) Will Reach $1.0 Million Within Next Year, Samson Mow Predicts

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As an experienced financial analyst, I’ve closely followed the cryptocurrency market for several years, and Samson Mow’s latest bullish Bitcoin prediction has piqued my interest. With a strong background in Bitcoin advocacy and being the CEO of a BTC adoption-focused company, Mow’s optimism about Bitcoin reaching $1 million by 2025 is noteworthy.

Samson Mow, the unwavering $1 million Bitcoin supporter and CEO of a business dedicated to promoting Bitcoin adoption (Jan3), has once again expressed optimistic views regarding Bitcoin.

As a cryptocurrency analyst, I’d like to share my perspective on Mow’s prediction. He believes that Bitcoin, the world’s leading digital currency, will surpass the $1 million mark by the end of 2025.

Mow tweeted that Bitcoin is likely to skyrocket even though many people may doubt this.

You may doubt #Bitcoin will reach $1.0M within the next year, but you’ll see.

— Samson Mow (@Excellion) June 23, 2024

Samson Mow and his earlier $1 million BTC predictions

Samson Mow is known for his persistent belief in Bitcoin’s price rise, frequently advocating for a potential price tag of $1 million per BTC based on the concept of “Omega candles” or “Godzilla candles.”

As a researcher, I’ve observed with confidence the events that have transpired in the Bitcoin market this year. In January, we witnessed the approval of spot Bitcoin Exchange Traded Funds (ETFs) by the United States Securities and Exchange Commission (SEC). Following this approval, these ETFs started amassing significant amounts of Bitcoin every day, excluding weekends, to support their exchange-traded products. The accumulation of millions in BTC daily is a testament to the market’s response to this regulatory milestone. Additionally, April marked the fourth Bitcoin halving, an event that reduces the reward for mining new blocks by half. This reduction in supply, combined with increasing demand from the ETFs and other investors, has contributed to the overall bullish sentiment in the market.

Daily Bitcoin withdrawals caused Grayscale’s GBTC to be the only ETF experiencing losses. This paved the way for BlackRock’s IBIT to exceed GBTC in Bitcoin holdings. Subsequently, Mow predicted that the introduction of spot Bitcoin ETFs would generate a significant surge in demand.

After the halving event caused a decrease in the block size from 6.25 to 3.125 Bitcoins, the leader of Jan3 expressed that a Bitcoin supply shortage had transpired. According to his forecasts, Bitcoin’s value could reach $1 million (with potential further growth) once the demand surge aligns with this supply shortage.

Bitcoin market performance

Over the past day, I’ve observed a significant downturn in the value of the world’s leading digital currency by market cap. It dipped below the $64,000 and $63,000 thresholds.

Over the past few days, starting from Sunday, Bitcoin’s value has decreased by approximately 3.32%. The cryptocurrency was previously priced at $64,345 but has since dropped to the current level of $62,190.

I’ve been closely monitoring the Bitcoin market, and as U.Today previously reported, I’ve noticed that miners have been selling a significant amount of Bitcoin lately. The selling pressure from this group has remained strong, contributing to the recent downward trend in BTC price. As miners aim to cover their operational costs and secure profits, they continue to offload their BTC holdings.

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2024-06-24 10:41