© Reuters. 'Bitcoin will hit $1 million in days,' says Samson Mow, but there's a catch
U.Today – In a recent post from 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 Bitcoin ETFs by the Securities and Exchange Commission for multiple companies.
Addressing the current state of Bitcoin ETFs, Mow points to a period of market adjustment. The recent launch of Bitcoin ETFs with billions in trading volume and the acquisition of 11,500 BTC by BlackRock (NYSE:) have contributed to the ongoing recalibration. Meanwhile, GBTC holders are exiting positions, creating selling pressure and driving prices down. Mow believes this process will not be prolonged as many are hesitant to sell due to significant tax implications, eventually leading to Grayscale capitulating fees.
Time until Bitcoin halving: 97 days
Amid these market complexities, Mow advises investors to focus on raw demand for Bitcoin and ignore short-term inefficiencies. It emphasizes that the existing supply will not meet current demand, and with the BTC halving approaching in a few months, strategic planning is essential for those watching the cryptocurrency market.
As the year 2024 progresses, Mow's bold prediction adds an extra layer of anticipation and excitement to Bitcoin. The crypto community is eagerly waiting to see if the expert's forecast will materialize any time soon.
This article was originally published on U.Today.
