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Here's When Bitcoin Will Hit $100,000, According to Samson Mow

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Wed, 5/06/2024 - 8:45
Here's When Bitcoin Will Hit $100,000, According to Samson Mow
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Prominent Bitcoin advocate and CEO at Jan3 Samson Mow has taken to the X social media platform (formerly Twitter) to share his take on how soon the world’s flagship cryptocurrency would be able to reach the $100,000 level. Mow referred to it as “$0.1 million” as he expects BTC eventually and inevitably to skyrocket to $1 million.

He also published a couple of other tweets to share his take on the importance of Bitcoin, which he believes to be rapidly increasing now.

Key Bitcoin $0.1 million driver from Samson Mow

The Jan3 chief executive has named two reasons that he expects to push Bitcoin to $100,000; the first one causes the second one. Mow believes that in order to skyrocket to $0.1 million, Bitcoin, first of all should surpass its previous all-time high of $73,750 reached on March 14.

A new historic peak, which would cause a recursive Bitcoin demand shock to step in, Mow tweeted, and then, “It’s up all the way to $0.1m,” he concluded.

Bitcoin soars above $71,000, Samson Mow comments

Over the past 24 hours, the leading decentralized digital currency, Bitcoin, has printed an impressive increase of 3.68%, which pushed its price back above the $71,000 level from $68,706 on Tuesday. On May 4, Bitcoin printed three big consecutive green candles, rising by almost 3% and reclaiming $70,000, with the rest of the growth happening today.

This sudden and drastic price surge can likely be explained by the massive daily inflows experienced by the spot Bitcoin ETFs on Tuesday, as they netted a total of $887 million. This was the largest daily inflow since the Bitcoin ETF approval that occurred in January.

Related

BlackRock's iShares Bitcoin Trust (IBIT) sucked in $274 million in BTC, while the ARK 21Shares Bitcoin ETF (ARKB) saw an inflow of a substantial $139 million.

Samson Mow commented on that significant buying spree as he tweeted that considering the levels of buying compared to the currently available Bitcoin supply, “it’s a miracle that Bitcoin stayed below $0.07 million for so long.”

He also stated that it is madness “not to have any Bitcoin exposure at this point.” Currently, Bitcoin is seeing a decline and is approaching $71,000 after hitting $71,321 earlier today.

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