Bitcoin Price Unlikely to Plunge Below $30k, Claims Analyst

Published by

Zameer Attar

January 23, 2024

Samson Mow, Chief Strategy Officer of Blockstream and CEO of Pixelmatic, casts doubt on the possibility of Bitcoin dropping below $30,000 shortly. Mow’s scepticism is driven by the increasing interest of financial giants like BlackRock in the Bitcoin space. In response to rumours about investors anticipating a $30,000 Bitcoin range for accumulation, Mow believed they would be disappointed.

Let’s explore Mow’s insights and the reactions within the crypto community.

Doubting the Dip

In the last 24 hours, Bitcoin experienced a dip below $40,000, prompting investors to liquidate holdings in Bitcoin exchange-traded funds (ETFs). Grayscale, notably, saw an outflow of 14,292 BTC, equivalent to around $565.84 million. On the other side, eight spot Bitcoin ETF issuers collectively acquired 9,755 BTC, valued at $386.24 million. Fidelity attracted an inflow of 5,312 BTC, amounting to $210.33 million.

Mixed Reactions and Mow’s Optimism

Mow’s tweet triggered various responses within the Bitcoin community. Some express a readiness to buy more if the price dips, while others discuss Mow’s positive outlook, believing Bitcoin could eventually reach $1 million. However, the absence of a specific timeline for this prediction leads some to see Mow’s recent tweets more as metaphors than concrete forecasts.

So, Is $1M Coming?

Mow clarified that his earlier predictions about Bitcoin reaching $1 million were made “for fun” to highlight changes in the market since the approval of spot Bitcoin ETFs. As the uncertain market conditions continue to puzzle us, Mow’s insights contribute to the ongoing discourse about Bitcoin’s future and its potential impact on the financial world.

Also Read: Why is Bitcoin Price Dropping Despite ETF Approval?

Zameer Attar

Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.