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Samson Mow, a renowned Bitcoin maximalist and CEO at the Jan3, took to his official account at the X social media platform to make another stunning Bitcoin prediction.
Mow, once again tweeted that he definitely expects Bitcoin to reach $1 million per unit.
"I know Bitcoin is going to $1.0 million"
Samson Mow is a well-known Bitcoin maxi for his predictions of the flagship cryptocurrency reaching $1 million in the long-term.
This year Mow doubled down on his prediction, anticipating the fourth Bitcoin halving that took place in the second half of April. Prior to that, when in January the SEC officially gave the green light to trading spot Bitcoin ETFs and these ETFs began to accumulate Bitcoin like crazy every day, Mow stated multiple times that those purchases will eventually create a BTC demand shock.
As for the halving, he said that once the block rewards are cut in half once again, that even will create a Bitcoin supply shock. The conclusion Mow made from this is that once the demand and the supply shocks meet, they will propel Bitcoin price as high as $1 million or even higher.
On Monday, Mow tweeted that he knows for sure that Bitcoin is going to $1 million. However, there are two nuances – he cannot predict for certain when it will happen and how quickly BTC will skyrocket to that all-time high.
Chances of jumping from $70k to $200k BTC are high, per Mow
About a week ago, Mow shared that the “Bitcoin coil” seems very much compressed now and the longer the “Godzilla candle” does not appear, the higher are odds that BTC will jump up with an “Omega candle.”
In the comments, he even agreed that one night the market may go to sleep with Bitcoin trading at $70,000 and then wake up to it hitting $200,000.
Bitcoin holders face sudden major drop
In a recently published report, the Santiment on-chain data aggregator revealed that there has been a massive three-day drop in the number of non-empty BTC wallets, actually, the biggest one since prior to the historic peak reached by the leading cryptocurrency on March 14.
📊 Bitcoin holders have just had their biggest 3-day drop in non-empty wallets since just prior to the March 14th all-time high. Unlike then, BTC has been sliding, provoking traders to liquidate for fear of further drops. Meanwhile, Ethereum wallets keep growing in number. pic.twitter.com/UIfXLkJ1HH
— Santiment (@santimentfeed) June 18, 2024
This is likely the result of the recent Bitcoin plummets – holders have been selling, fearing bigger price drops.