Bitcoin developer Samson Mow is sticking to his prediction that Bitcoin will reach $1 million. He’s even given a timeframe: within the next year!
Why $1 Million?
Mow’s prediction is based on a few key factors:
- High Demand, Limited Supply: Bitcoin’s demand is outpacing its supply, which will drive up the price.
- Bitcoin Halving: The upcoming halving event will create a supply shock, further increasing the price.
- Spot Bitcoin ETFs: These ETFs are accumulating a significant amount of Bitcoin, which will also contribute to price growth.
Mow Doesn’t See Mt. Gox as a Threat
While the Mt. Gox Bitcoin repayment could potentially flood the market with Bitcoin, Mow believes this won’t significantly impact the price. He expects only 20% of the Bitcoin to be sold, with the rest going into cold storage or being used as collateral.
The Bull Run is Coming
Mow believes the Bitcoin bull run will start when Bitcoin reaches $100,000. He sees the recent market downturn as a temporary setback, a way to “unwind the fakery” and make people think Bitcoin is finished.
Other Analysts Weigh In
While Mow is bullish, other analysts have more conservative price targets for Bitcoin. Many agree that Bitcoin will likely surpass $100,000, but some believe it will reach even higher:
- Mikybull Crypto: $138,000 – $150,000
- Cryptorphic: $156,000
- Anthony Scaramucci: $170,000
- Ki Young Ju: $265,000
While these price targets vary, it’s clear that many analysts believe Bitcoin has a bright future.
