Bitcoin
Bitcoin Developer Samson Mow Says BTC Will Rise to $1 Million, Here’s When
Bitcoin Developer Samson Mow has been saying for some time that BTC will hit $1 million. He has reaffirmed this again your optimistic stance and mentioned when exactly the flagship cryptocurrency will hit this unprecedented price target.
When Will Bitcoin Rise to $1 Million?
Cut mentioned that he is still confident that Bitcoin will hit $1 million and added that the flagship cryptocurrency will reach that price target within a year. Mow had explained previously why he believes BTC can hit such an ambitious price target. At the time, he alluded to the fact that Bitcoin demand was outstripping supply.
He too highlighted Bitcoin’s halving which he noted would cause a supply shock for the crypto token. Based on these reasons, Mow expects the price of BTC to “react accordingly” as demand continues to outstrip supply. The Bitcoin maximalist also mentioned the Spot Bitcoin ETFswho have been accumulating a significant amount of the BTC supply, as another factor that would contribute to BTC’s meteoric rise.
Mt. Gox Bitcoin Refund is an event that is believed to have a negative impact on the price of the cryptocurrency, as it could lead to more Bitcoin supply being dumped into the market. However, Mow does not believe this will happen. He mentioned that only about 20% of the now-defunct cryptocurrency exchange’s BTC will hit the market, while the remaining 80% will be moved to cold storage or loaned out.
Mow also had something to say about when exactly the Cryptocurrency bull run will begin. He mentioned that the bull run starts when Bitcoin is at $100,000. He added that the recent bear market trend is just the “unwinding of the fake to make retail think that Bitcoin is over.” Based on predictions made by cryptocurrency analysts like PlanB, BTC could reach $100,000 this year.
Interestingly, PlanB also shares a similar sentiment as Mow that Bitcoin could hit $1 million next year. He claimed that the crypto token could rise to that price level based on the stock-to-flow (STF) indicator.
More conservative price targets for BTC
Other cryptocurrency analysts have given more conservative price targets for Bitcoin in this bull runalthough a large consensus seems to be that the flagship cryptocurrency is likely to surpass $100,000. Cryptocurrency analyst Mikybull Crypto once mentioned between $138,000 and $150,000 as “ideal targets for Bitcoin in this bull run.”
Cryptocurrency Analyst Criptorphic also mentioned that BTC could reach $156,000 next year, while Skybridge Capital CEO Anthony Scaramucci wait Bitcoin is expected to rise further and hit $170,000 sometime in 2025. Cryptoquant CEO Ki Young Ju predicted that BTC could hit $265,000 this market cycle based on the Hashrate/Market Cap ratio, which he claimed supports such a parabolic rise.
Featured image created with Dall.E, chart from Tradingview.com