“Bitcoin will hit $1 million in a few days,” says Samson Mow, but there’s a catch

Gamza Khanzadaev

Bitcoin's rise to $1 million is imminent, as predicted by blockchain expert Samson Mow

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In a recent X post, blockchain expert Samson Mow confidently predicts that Bitcoin (BTC) is on the verge of a stunning surge, reaching $1 million in just a few days or weeks. Mow, known for his bold statements, emphasizes the impending perfect storm that will drive the cryptocurrency to these unprecedented price levels. But Mow makes an important clarification: the date has not yet been set.

The expert's optimism is fueled by the Securities and Exchange Commission's recent approval of spot-based Bitcoin ETFs for several companies.

Regarding the current state of Bitcoin ETFs, Mow points to a phase of market adjustment. The recent launch of Bitcoin ETFs with billion-dollar trading volumes and BlackRock's acquisition of 11,500 BTC have contributed to the ongoing recalibration. Meanwhile, GBTC holders are dumping their positions, creating selling pressure and driving prices lower. Mow expects this process will not be drawn out as many are reluctant to sell due to significant tax implications, which will eventually result in Grayscale capitulating the fees.

Time until Bitcoin halving: 97 days

Given these market complexities, Mow advises investors to focus on pure Bitcoin demand and ignore short-term inefficiencies. He emphasizes that the existing supply will not meet the current demand and that the BTC halving is coming in a few months. Therefore, strategic planning is crucial for those keeping an eye on the crypto market.

As 2024 unfolds, Mow's bold prediction adds an additional layer of anticipation and excitement to Bitcoin. The crypto community is eagerly waiting to see whether the expert's prediction will actually come true in the foreseeable future.

About the author

Gamza Khanzadaev

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in Finance and Credit with a specialization in Securities and Financial Derivatives. He then completed a master's degree in banking and asset management.

He wants to contribute to reporting on business and fintech topics and educate more people about cryptocurrencies and blockchain.

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