U.Today – Crypto entrepreneur Samson Mow projected an explosive rise for , predicting that the cryptocurrency could eventually reach $10 million. This forecast comes in a period of nothing, with the price of BTC stabilizing around $70,000 since mid-May and trading sideways. The lack of significant price movement has frustrated traders and investors, leading to speculation about market manipulation.
Adam Back, a key figure in the cryptocurrency space with ties to Bitcoin's mysterious creator Satoshi Nakamoto, suggested that the current price suppression could be due to certain sellers urgently needing cash.
These sellers, according to the programmer, are dumping their holdings and once their limited supply runs out, the market could start to rise again. He indicated that the data supports the presence of core trading, where the collateral is BTC rather than Bitcoin ETFs, and highlighted that buying activity is still occurring via CME futures, pointing to latent demand.
Mow supported Back's analysis, pointing out the increase in short-term interest from new, less experienced traders who misunderstand the cash and carry trade. He argued that the significant short-selling activity in futures is likely unsustainable and that those involved could soon face massive liquidations, driving the price of Bitcoin higher. Mow compared the current state of price containment to a compressed coil ready to spring, suggesting it is primed for a dramatic rise.
Furthermore, he emphasized that Bitcoin trading below $70,000 is an anomaly given its track record. He expressed confidence that $1 million per Bitcoin would not only look like a bargain, but that the price would eventually rise to $10 million, making it a critical investment for the future.
This article was originally published on U.Today.
