NEWSLETTER
Jan3 and Bitcoiner CEO Samson Mow has bitcoin-swift-rise-to-1-million/” rel=”nofollow”>one more time reiterated its ultra-bullish stance bitcoin/” rel=”nofollow”>Prediction for bitcoin. The bitcoin advocate noted that the 'Maximum Pain Theory' was still in play, and this is one of the reasons why he is not backing down from his claim that bitcoin will reach this price level sooner rather than later.
bitcoin's rise to $1 million will happen “in days or weeks”
Samson Mow stated in an X (formerly Twitter) mail that his “main prediction” is that bitcoin's race to a million dollars will occur in “days or weeks.” However, he further stated that the starting point of this meteoric rise has not yet been decided.
The analyst's bullish prediction for bitcoin stems from his belief in the maximum pain theory, which relates to a bitcoin price that could cause most options traders to experience a maximum loss. In Mow's opinionbitcoin bulls have experienced this loss following the approval of the bitcoin-etfs-approved-by-us-sec/” rel=”nofollow”>bitcoin Spot ETFand the bears could experience “some pain soon.”
Just before the approval order arrived, Mow bitcoin-swift-rise-to-1-million/” rel=”nofollow”>had predicted that bitcoin was going to reach $1 million in “days or weeks” and that most people were going to experience “peak pain.” These ETFs also form part of the basis for why he believes bitcoin will reach this price level soon enough, as Mow foresees huge demand for btc after this.
Cut says that the bitcoin market is reaching a point where the existing supply bitcoin-etfs/” rel=”nofollow”>will not meet current demand. He also alluded to the upcoming bitcoin Halving, hinting that it could be one of the catalysts that will cause this parabolic rise in the price of bitcoin. Curiously, he had aforementioned that bitcoin will reach a new all-time high (ATH) before the Halving event takes place.
<img decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/zaPI6wtl/" alt="Tradingview.com bitcoin Price Chart” width=”3266″ height=”1530″ loading=”lazy”/>
btc bulls struggle to reclaim control | Source: BTCUSD on Tradingview.com
A market adjustment is currently taking place
Mow also gave his opinion on the reason for bitcoin's recent drop, as noted that the market was simply adjusting. He further explained that GBTC holders were currently withdrawing, which was driving down the price of bitcoin. He also alluded to how bitcoin/” rel=”nofollow”>MicroStrategy Stock was “trading below face value of btc.”
Therefore, the crypto community needs to be patient as “it takes time for everything to recalibrate,” says Mow. However, it shouldn't take long for that to happen as the crypto analyst stated that the bitcoin-etfs/” rel=”nofollow”>GBTC Selling Pressure “It's not going to be a long, drawn-out process.”
He believes that many GBTC investors will not be able to unload their shares because “the tax impact is too great” and that bitcoin-etf-imminent/” rel=”nofollow”>Grayscale he will eventually capitulate on his fees. The asset manager currently has the biggest rate among all bitcoin Spot ETF issuers, and this is believed to be the reason why its investors are dumping its shares and rotating into other funds.
Featured image from bitcoin News, chart from Tradingview.com
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