Samson Mow: Bitcoin will 'probably' hit $100,000 before halving
Bitcoin (BTC) staged a significant rally in 2024, starting the year at $42,208 and rising to a new all-time high of $73,737 on March 14. However, with the Bitcoin halving approaching in just a month, BTC's price has seen a retracement of over 16% despite hitting a new all-time high earlier this month.
In an interview with CoinTelegraph, Samson Mow, the CEO of Jan3, a technology company focused on expanding Bitcoin access globally, has long predicted strong upward momentum in Bitcoin price. Mow remains confident that Bitcoin will surpass its previous all-time high, stating that it is likely to reach $100,000 before the Bitcoin halving. He attributes this prediction to the huge demand from Exchange Traded Funds (ETFs), which consume around 7,000 coins per day, highlighting the scarcity of available coins.
When asked about the relationship between Bitcoin and the broader crypto market, Mow believes that Bitcoin will eventually decouple from other cryptocurrencies due to massive inflows from ETFs. With daily inflows between $500 million and $1 billion, Bitcoin benefits from a vast pool of capital that other cryptocurrencies lack. While smaller cryptocurrencies could follow Bitcoin's performance for a period of time due to their lower liquidity, Mow believes they will eventually lose momentum and fall behind.
Mow also points out that it is common for founders and insiders to drive up the prices of other cryptocurrencies before ultimately buying Bitcoin, allowing retail buyers to come out on top. The Bitcoin halving is expected to take place on April 20, about a month from now. Historically, the price of Bitcoin has increased significantly after the halving.
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