Bitcoin developer Samson Mow has been claiming for a while that BTC will reach $1 million. He confirmed it again his bullish stance and mentioned when exactly the flagship crypto will reach this unprecedented price target.
When Bitcoin will rise to $1 million
Mow named that he is still confident that Bitcoin will reach $1 million and added that the flagship crypto will reach this price target within a year. Had mow explained earlier why he believes BTC can achieve such an ambitious price target. At the time, he alluded to the fact that Bitcoin demand exceeded supply.
Related reading
Him too marked the Bitcoin halving, which he noted would cause a supply shock for the crypto token. Based on these reasons, Mow expects the price of BTC to “react accordingly” as demand continues to exceed supply. The Bitcoin maximalist also mentioned the Discover Bitcoin ETFs, which have amassed a significant portion of the BTC supply, as another factor that would contribute to BTC’s meteoric rise.
Mount Gox Bitcoin Refund is an event that is believed to have the potential to negatively impact the price of crypto as it could lead to more Bitcoin supply being dumped onto the market. However, Mow doesn’t believe this will happen. He named that only about 20% of the defunct crypto exchange’s BTC will hit the market, while the remaining 80% will be moved to cold storage or borrowed.
Mow also had something to say about exactly when crypto bull run will start. He said the bull run will start when Bitcoin reaches $100,000. He added that the recent downtrend in the market is just the “unwinding of the fake to make the retail industry think Bitcoin is over.” Based on predictions created by crypto analysts like PlanB, BTC could reach $100,000 this year.
Interestingly, PlanB also shares a similar sentiment to Mow that Bitcoin could reach $1 million next year. He claimed that the crypto token could rise to this price level based on the stock-to-flow (STF) indicator.
More conservative price targets for BTC
Other crypto analysts have given more conservative price targets for Bitcoin this bull run, although there seems to be a large consensus that the flagship crypto will more than likely rise above $100,000. Crypto analyst Mikybull Crypto ever mentioned between $138,000 and $150,000 as “optimal targets for Bitcoin in this bull run.”
Related reading
Crypto analyst Cryptorphic also mentioned that BTC could rise to $156,000 next year, while Skybridge Capital CEO Anthony Scaramucci expected Bitcoin will soar higher and reach $170,000 sometime in 2025. CEO of Cryptoquant Ki Young Ju predicted that BTC could reach $265,000 in this market cycle based on the Hashrate/Market Cap ratio, which he said supports such a parabolic rise.
Featured image created with Dall.E, chart from Tradingview.com