Samson Mow, Bitcoin influencer and CEO of JAN3, recently caused a stir with his predictions about the future price of Bitcoin. He shared his perspective – an positive one about Bitcoin’s price trajectory – in a post on social media site X (formerly Twitter) recently.

According to Mow, Bitcoin is in a “sell” moment, telling people that prices below $100,000 are what sharp investors want. He quoted, “Any price below $0.1 million is still #Bitcoin on sale,” suggesting that once Bitcoin reaches that price, the sell-off will be over.

Bitcoin’s Recent Surge

August 23, 2024 Bitcoin saw one of the biggest price gains, gaining more than 6% from around $60,700 to around $64,450. This came after Federal Reserve Chairman Jerome Powell’s comments on interest rate cuts, which most investors took as a positive sign for the cryptocurrency market.

Any price below $0.1 million is still #Bitcoin on sale.

— Samson Mow (@Excellion) August 24, 2024

Amid all the Bitcoin price fluctuations, amounted to $64,230, continue to rise dramatically. This has not only pushed Bitcoin higher, but also altcoins, whose prices have also jumped.

Mowa’s predictions are based on recent structural changes in the Bitcoin market. He points to the approval of spot Bitcoin ETFs, which have been aggressively accumulating Bitcoin since their inception. These ETFs are said to be buying thousands of Bitcoins per day, creating a massive demand shock.

According to Mow, this, combined with the supply shock that resulted from the recent halving – which caused the Bitcoin block reward to drop – will create the perfect mix to trigger a price spike.

Bitcoin $1 Million Forecast

Mow is quite open about his long-term price predictions; he claims that Bitcoin could reach $1 million in a yearif not sooner. His reasoning is that current market dynamics favor such growth, with huge demand for Bitcoins and a dwindling supply.

He expresses this confidence because he believes the market will absorb all Bitcoin sales regardless of the fluctuations. He places particular emphasis on the fact that investors who understand money, live in inflationary environments, or come from oppressive regimes are likely to view Bitcoin as a safe and sound asset.

Image: Global Crypto

As such, the discussion about Bitcoin’s price is not just a clear case of speculation, as it relates directly to overall economic conditions. The comments come at a time when many are already looking at alternative investment vehicles due to rising inflation and general economic uncertainty.

Overall, he said that Bitcoin’s unique properties make it a preferred choice for those who want to protect their assets from losses.

The Veblen Effect and Market Psychology

One of the more intriguing aspects of Mowa’s analysis was his reference to the so-called “The Veblen Effect” when consumers are willing to buy a product even as it becomes more steep – partly because of perceived value.

Mow noted that in the case of Bitcoin, this will be huge. As the price of Bitcoin increases, so does the number of investors who could potentially be attracted to the digital asset not only because of the returns it can bring, but also because of the value it holds.

These are psychological factors that can further raise demand, initiating a self-reinforcing investment cycle.

Featured image from Pexels, chart from TradingView