In a recent X post, blockchain expert Samson Mow confidently predicts that Bitcoin (BTC) is on the verge of a staggering surge, reaching $1 million in just a matter of days to weeks. Mow, known for his bold statements, emphasizes the impending perfect storm that will propel the cryptocurrency to this unprecedented price level. But, Mow makes an important clarification, the date has yet to be determined.
The expert's optimism is fueled by 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 notes a period of market adjustment. The recent launch of Bitcoin ETFs with billions in trading volume and BlackRock's acquisition of 11,500 BTC have contributed to the ongoing recalibration. Meanwhile, GBTC holders are exiting positions, creating sell pressure and pushing prices down. Mow believes this process will not be prolonged, as many are hesitant to sell due to substantial tax implications, eventually leading to Grayscale's fee capitulation.
Time until Bitcoin halving: 97 days
Amid these market intricacies, Mow advises investors to focus on raw Bitcoin demand and disregard short-term inefficiencies. He emphasizes that existing supply will not meet the current demand, and with the BTC halving approaching in a few months, strategic planning is essential for those eyeing the crypto market.
As 2024 unfolds, Mow's bold prediction adds an extra layer of anticipation and excitement to Bitcoin. The crypto community eagerly awaits to see if the expert's foresight will indeed materialize in the imminent time.