“I Know Bitcoin Is Going to $1.0 Million”: Samson Mow

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As an experienced financial analyst, I’ve closely followed the cryptocurrency market for years, and Samson Mow’s latest prediction on Bitcoin reaching $1 million per unit is intriguing. While I can’t personally predict future prices with certainty, I do believe in the potential of Bitcoin given its unique properties and the increasing adoption of digital currencies.

Samson Mow, a well-known Bitcoin advocate and CEO of Jan3, shared another bold Bitcoin forecast on his X social media platform account.

Mow, once again tweeted that he definitely expects Bitcoin to reach $1 million per unit.

“I know Bitcoin is going to $1.0 million”

As a dedicated Bitcoin investor, I firmly believe in the potential of this revolutionary digital currency to reach impressive heights. Specifically, I’m bullish on Bitcoin’s long-term prospects, with a confident prediction that it will surpass the $1 million mark.

This year, Mow firmly stood by his forecast, expecting the occurrence of Bitcoin’s fourth halving in the latter part of April. Prior to this event, the SEC’s approval of spot Bitcoin ETFs trading in January ignited a surge in daily Bitcoin acquisitions by these ETFs. Mow repeatedly warned that these significant purchases would ultimately result in a surprising increase in Bitcoin demand.

Regarding the reduction in block rewards, Mow stated that another halving would lead to a significant increase in Bitcoin’s scarcity. Based on this analysis, he predicted that when the demand and supply imbalances intersect, they could push the price of Bitcoin up to $1 million or beyond.

As a researcher, I’d like to share an observation from Monday regarding Bitcoin’s potential price increase. Mow expressed confidence that the cryptocurrency would eventually reach a value of $1 million. However, it is essential to note two caveats: he cannot definitively predict when this milestone will be attained, and he is unsure of the speed at which BTC‘s price might surge to this all-time high.

Chances of jumping from $70k to $200k BTC are high, per Mow

I’ve observed over the past week that Bitcoin’s price action has been quite compressed, resembling a “coil.” The absence of a large, dominant “Godzilla candle” suggests that the chances are increasing for a significant price surge, possibly in the form of an “Omega candle.”

In the comments section, he acknowledged the possibility that Bitcoin’s price could reach $70,000 for a nighttime lull, only to surge up to $200,000 upon waking in the market.

Bitcoin holders face sudden major drop

As a researcher examining recent blockchain data, I’ve discovered an intriguing development: according to Santiment’s latest report, there was a substantial three-day decrease in the count of non-empty Bitcoin wallets. In fact, this decline is the most significant one we’ve seen since before Bitcoin reached its historic peak on March 14th.

The past three days have seen the largest decrease in non-empty Bitcoin wallets since right before the peak on March 14th. Contrary to that time when Bitcoin was surging, it has been declining lately, leading some holders to sell in response to potential price drops. In contrast, the number of Ethereum wallets continues to increase.

— Santiment (@santimentfeed) June 18, 2024

It’s probable that the current state of affairs with Bitcoin is due to its recent significant declines. Concerned holders have been unloading their assets in response, anticipating further decreases in value.

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2024-06-18 13:01