The CEO of Jan3 and Bitcoiner, Samson Mow, has done just that again reiterated his ultra-bullish prediction for Bitcoin. The Bitcoin proponent noted that the ‘Max Pain Theory’ was still in play, and this is one of the reasons why he did not back down from his claim that Bitcoin will reach this price level sooner or later.
Bitcoin’s rise to $1 million will happen “within days to weeks.”
Samson Mow stated in an X (formerly Twitter) after that his “key prediction” is that Bitcoin’s run to $1 million will happen within “days to weeks.” However, he further claimed that the starting point for this rapid increase has yet to be determined.
The analyst’s bullish prediction for Bitcoin stems from his belief in the max pain theory, which concerns a Bitcoin price that could cause most options traders to suffer a maximum loss. In Mo’s opinionBitcoin bulls experienced this loss after the adoption of the Discover Bitcoin ETFsand the bears could experience “some pain soon.”
Just before the approval order came in, Mow had predicted that Bitcoin would rise to $1 million within “days to weeks” and that most people would experience “maximum pain.” These ETFs are also part of the reason why he believes Bitcoin will reach this price level soon enough, as Mow foresees massive demand for BTC after this.
Mow say that the Bitcoin market reaches a point where existing supply increases will not meet current demand. He also alluded to the upcoming Bitcoin halving, hinting that this could be one of the catalysts that will cause this parabolic rise in Bitcoin’s price. Interestingly enough, he had done just that previously mentioned that Bitcoin will reach a new all-time high (ATH) before the Halving event takes place.
BTC bulls struggle to reclaim control | Source: BTCUSD on Tradingview.com
A market adjustment is currently underway
Mow also gave his opinion on the reason for Bitcoin’s recent decline noted that the market was simply adapting. He further explained that GBTC holders are currently in the process of exiting, which is pushing down the price of Bitcoin. He also alluded to the manner in which MicroStrategy shares “traded below the face value of BTC.”
That’s why the crypto community needs to be patient, because “it takes time to recalibrate everything,” Mow says. However, it shouldn’t be long before that happens as the crypto analyst claimed that the GBTC selling pressure “It won’t be a long process.”
He believes that many of the GBTC investors will not be able to sell their shares because the “tax burden is too high” and that Grayscale will eventually capitulate to his fees. The asset manager currently has the largest compensation of all Spot Bitcoin ETF issuers, and it is believed that this is the reason why the investors are losing their shares and switching to other funds.
Featured image from Bitcoin News, chart from Tradingview.com
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