‘It’s Going to Be Explosive…’: Samson Mow Predicts $10 Million Bitcoin

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As a long-term crypto investor with a deep understanding of the market dynamics, I find Samson Mow and Adam Back’s analyses intriguing and plausible. Their insights add depth to my perspective on the current Bitcoin price stagnation and offer a glimmer of hope amidst the frustration felt by traders and investors.

As a crypto investor, I’ve been closely following Bitcoin‘s price movements, and I can’t help but be intrigued by the bold prediction made by entrepreneur Samson Mow. He believes that Bitcoin could potentially soar to unprecedented heights of $10 million in the future. This forecast comes at a time when the BTC price has been relatively stagnant, hovering around $70,000 since mid-May with minimal volatility. The sideways trading has left many traders and investors feeling restless, fueling rumors of market manipulation attempting to suppress Bitcoin’s price growth.

Adam Back, an influential figure in the cryptocurrency world and reportedly linked to the enigmatic Satoshi Nakamoto, proposed a possible explanation for the current price downturn: some sellers may be compelled to quickly convert their crypto holdings into cash.

The programmer explained that these sellers are getting rid of their stocks, and when they run out, the market may experience another upward trend. He provided evidence of basis trading, in which collateral is Bitcoin rather than Bitcoin ETFs, and mentioned ongoing purchasing through CME futures, suggesting hidden demand.

My assessment aligns with yours as well. With an influx of traders interpreting the rise in short interest as merely a “cash and carry trade,” it’s unsurprising that we witness numerous liquidations. It seems as if this strategy emerged out of nowhere this week.

— Samson Mow (@Excellion) June 9, 2024

Mow agreed with Back’s assessment, highlighting the surge in short positions taken by novice traders who misunderstood the cash and carry trade. He cautioned that the heavy shorting on Bitcoin futures might not be sustainable, and those engaged could face substantial losses leading to forced buys, thereby boosting Bitcoin’s value. Mow described the current low price level as an accumulated energy, implying that a significant price surge is imminent.

He highlighted that Bitcoin’s price dipping below $70,000 was unusual, considering its trend. He was optimistic that the cost of a single Bitcoin would one day be seen as a bargain at $1 million, and the value would continue to rise, potentially reaching $10 million, making it a significant investment opportunity for the future.

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2024-06-10 14:42