Bitcoin “Likely” to Hit $100K Before Upcoming Halving
As the highly anticipated Bitcoin halving event draws near, the cryptocurrency world is abuzz with speculation about the potential impact on the world’s largest digital asset. Amidst this excitement, Samson Mow, the CEO of Jan3, a company dedicated to expanding global Bitcoin access, has made a bold prediction: Bitcoin is “likely” to touch the $100,000 milestone before the halving occurs.
Bitcoin’s Remarkable Rally and Recent Retracement
Bitcoin (BTC) has experienced a remarkable rally in 2024, starting the year at $42,208 and surging to a new all-time high of $73,737 on March 14. However, as the Bitcoin halving approaches in just one month, the price of BTC has experienced a retracement of over 16%, despite reaching new heights earlier this month.
Mow’s Confident Stance
In an interview with CoinTelegraph, Samson Mow expressed confidence in Bitcoin’s ability to surpass its previous all-time high, stating that it is likely to reach $100,000 before the highly anticipated Bitcoin halving event.
Insatiable Demand from ETFs
Mow attributes his bullish prediction to the voracious demand from exchange-traded funds (ETFs) that consume approximately 7,000 bitcoins per day. This insatiable appetite for the scarce digital asset highlights the scarcity of available coins, driving prices higher.
Bitcoin’s Eventual Decoupling
When asked about the relationship between Bitcoin and the broader crypto market, Mow believes that Bitcoin will eventually decouple from other cryptocurrencies due to the massive inflows from ETFs. With daily inflows ranging between $500 million to $1 billion, Bitcoin benefits from a vast pool of capital that other cryptocurrencies lack.
The Halving’s Historical Impact
Historically, the price of Bitcoin has rallied significantly following the halving event, which is scheduled to occur on April 20, just about a month from now. This pattern has fueled expectations of a potential price surge after the upcoming halving.
Credible Voice in the Crypto Industry
Samson Mow’s insights carry significant weight in the cryptocurrency industry, as he is a prominent figure and the CEO of a company dedicated to expanding Bitcoin’s global reach. His predictions and analysis offer a credible and authoritative perspective on the potential trajectory of the world’s leading digital asset.
In conclusion, as the Bitcoin halving approaches, Samson Mow’s bold prediction of Bitcoin reaching $100,000 before the event has captured the attention of the crypto community. Fueled by insatiable demand from ETFs and the historical impact of previous halvings, Mow’s confidence in Bitcoin’s continued ascent adds to the anticipation surrounding this pivotal moment in the cryptocurrency’s evolution.