Bitcoin Developer Samson Mow for some time now he has continued to claim that BTC will reach $1 million. He reaffirmed his bullish attitude and mentioned when exactly the flagship cryptocurrency will reach this unprecedented price target.
When Will Bitcoin Rise to $1 Million
Mow mentioned that he is still confident that Bitcoin will hit $1 million and added that the flagship cryptocurrency will reach that price target within a year. Mow had explained earlier why he thinks BTC can achieve such an ambitious price target. He then referred to the fact that Bitcoin demand exceeded supply.
He too illuminated Bitcoin halving, which he noted was expected to cause a supply shock for the crypto token. Based on these reasons, Mow expects the BTC price to “respond accordingly” as demand continues to outpace supply. The Bitcoin maximalist also mentioned Spot Bitcoin ETF, which have accumulated a significant amount of BTC supply, which is another factor that could contribute to the rapid boost in BTC value.
Bitcoin Repayment Through Mt. Gox is an event that could likely negatively impact the price of the cryptocurrency, as it could lead to more Bitcoin being dumped onto the market. However, Mow doesn’t believe that will happen. He mentioned that only about 20% of the BTC from a closed cryptocurrency exchange will hit the market, with the remaining 80% being moved to chilly storage or borrowed.
Mow also had something to say about when exactly crypto bull run will begin. He mentioned that a bull market starts when Bitcoin is at $100,000. He added that the recent downtrend in the market is simply “spinning the falsehood to make retail think that Bitcoin is over.” Based on predictions According to cryptocurrency analysts such as PlanB, the price of BTC could reach $100,000 this year.
Interestingly, PlanB shares a similar opinion as Mow that Bitcoin could reach $1 million next year. taken over that the price of the cryptotoken could rise to this level based on the stock-to-flow (STF) indicator.
More Conservative Price Targets for BTC
Other cryptocurrency analysts have given more conservative price targets for bitcoin this bull runalthough the main consensus seems to be that the flagship cryptocurrency will most likely surpass $100,000. Cryptocurrency analyst Mikybull Crypto once mentioned between $138,000 and $150,000 as “optimal targets for Bitcoin in this bull market.”
Cryptocurrency Analyst Cryptorphic also mentioned that BTC could rise to $156,000 next year, while Skybridge Capital CEO Anthony Scaramucci is expecting Bitcoin value will boost and reach $170,000 in 2025. Cryptoquant CEO Ki Adolescent Ju predicted that BTC could reach $265,000 this market cycle based on the Hashrate/Market Cap ratio, which he claimed confirms such a parabolic rally.
Featured image created with Dall.E, chart from Tradingview.com
