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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Mar 05, 2024 14:16 UTC
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$1 Million Bitcoin? Expert Stays Bullish, Cites Key Drivers
Bitcoin price hits a new 2024 high of $68,770. This surge is attributed to increased buying pressure from large investors.
Mow believes Bitcoin can reach $1 million due to factors like limited supply, institutional adoption, and the upcoming halving event.
Understanding various market and economic factors can help predict Bitcoin's future price movement.
Hold on tight, crypto fans! Bitcoin just hit an all-time high of $68,770, making 2024 an unforgettable year for enthusiasts. In the last five days, big investors made waves, fueling excitement. Could this be the breakthrough everyone’s been waiting for? Is $70,000 the next stop?
The big question: Will this boost lead to a sustained rise for Bitcoin?
Samson Mow, CEO of Jan3 and a vocal Bitcoin advocate, recently weighed in on Bitcoin’s surge above $68,000. Mow’s company focuses on promoting Bitcoin adoption by nation-states, with Mow himself being instrumental in El Salvador’s adoption of Bitcoin as legal tender in 2021.
The Path to $1 Million is Clear; Here’s How!
Known for predicting a future where Bitcoin hits $1 million, Mow points to real factors like extensive U.S. money printing and a growing national debt. He’s optimistic that Bitcoin can make it big.
Mow explains Bitcoin’s path to $1 million using terms like “god” and “omega” candles. A “god” candle means a $10,000 rise, while an “omega” candle signals a massive $100,000 surge. Mow predicts a “god” candle coming before an “omega” candle, pushing Bitcoin towards the million-dollar mark.
Supply, Demand, and Institutional Boost
Mow also points to the supply and demand dynamics of Bitcoin, highlighting the significant inflow of institutional funds into Bitcoin through spot Bitcoin ETFs. These ETFs have been acquiring substantial amounts of Bitcoin weekly, with BlackRock’s iShares fund surpassing $10 billion in holdings. Plus, Mow underscores the upcoming Bitcoin halving event as a bullish factor for Bitcoin’s long-term price appreciation.
During a Bitcoin halving event, the price tends to experience volatility, with fluctuations leading up to and following the event. Historically, there’s often a buildup in price anticipation before the halving, followed by a period of adjustment and potential price correction afterwards. However, the overall trend in the long term has been positive, with Bitcoin’s price typically increasing over time, although past performance is not indicative of future results.
What Does the Future Look Like?
Understanding Bitcoin’s journey means looking at market dynamics and broader economic trends. Every piece, from big market moves to global economic shifts, influences Bitcoin’s potential growth and stability.
In the bigger picture of Bitcoin’s path to $1 million, Samson Mow gives us a guide, revealing potential milestones and challenges.
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