Samson Mow, the CEO of the Bitcoin technology company Jan3, made quite a bold prediction last week. Interestingly, according to Mow, the key price level for Bitcoin is around $100,000. If Bitcoin can break through that level, he believes it could skyrocket all the way to $1 million. Intrigued? So are we!
Now, you might be wondering what Mow is basing his prediction on. The truth is, it’s not entirely clear what developments he’s hinting at. However, there are plenty of theories floating around. For instance, several users on X have pointed out that the Bitcoin conference in Nashville from July 25 to 27 could be a factor, where Donald Trump is giving a speech later today.
Historically, Bitcoin prices have often surged during such events. But we can’t be certain if that’s what Mow is referring to. Given his position, it’s likely he has some inside information that he’s hinting at in his tweet.
There's about to be some super bullish #Bitcoin news coming out over the next few days. Market should be a bit more green.
— Samson Mow (@Excellion) July 25, 2024
Mow is quite confident that Bitcoin is about to turn green – bright green, even – in the coming days. Naturally, there’s some chatter about this on social media channels. Some people are skeptical, noting that Mow has a vested interest in seeing Bitcoin’s price rise. After all, wouldn’t anyone in his position want to see the price go up? Only time will tell if his prediction holds true.
Current Bitcoin Prices and Future Predictions
Right now, Bitcoin is hovering around between the $64,000 to $65,000 level, trading at $64,230 according to CoinMarketCap data. There’s been a bit of a dip recently, with prices falling over 3.3 % in the last 24 hours, bringing the resistance level of $64,000 back into focus. According to Mow, we should appreciate this level while we can. He firmly believes that Bitcoin will never again be priced around $70,000. (A resistance level in Bitcoin is a price point where the cryptocurrency tends to face selling pressure, making it difficult to rise above that level. Selling pressure is when a lot of people are trying to sell their Bitcoin at the same time. This increases the supply of Bitcoin available in the market, and therefore leads to decreased price.)
Say goodbye to sub $0.07M #Bitcoin forever.
— Samson Mow (@Excellion) July 24, 2024
In other words, Mow expects Bitcoin to see a massive rise soon. While he acknowledges that there will be corrections along the way, he doesn’t think these will ever bring the price back down to $70,000. That’s just too low in his view.
What’s Affecting Bitcoin Prices?
It’s worth noting that the current slight dip in Bitcoin’s price is due to a few factors. The Mt. Gox repayments are putting some pressure on the market. Additionally, the launch of Ethereum Spot ETFs is another factor at play. This has led some investors to redirect their funds into these ETFs instead of Bitcoin.
As we’ve seen time and time again, the Bitcoin market is incredibly volatile. A small dip today could turn into a major upward trend tomorrow. Mow believes that a bullish run is just around the corner. But remember, even someone in Mow’s position doesn’t have a crystal ball.
Stay tuned to HowToBuyBitcoin.org for more updates, and don’t forget to follow us to keep up with the latest Bitcoin news.