Bitcoin developer Samson Mow has for some time now continued to claim that BTC goes to achieve $1 million. He has again reaffirmed his bullish stance and mentioned when precisely the flagship crypto will hit this unprecedented price goal.
When Bitcoin Will Rise To $1 Million
Mow mentioned that he remains to be certain that Bitcoin will reach $1 million and added that the flagship crypto will reach this price goal inside a 12 months. Mow had previously explained why he believes that BTC can reach such an ambitious price goal. Back then, he alluded to the undeniable fact that Bitcoin’s demand was outpacing its supply.
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He also highlighted the Bitcoin halving which he noted was going to bring a couple of supply shock for the crypto token. Based on these reasons, Mow expects BTC’s price to “react accordingly” as demand continues to outpace supply. The Bitcoin maximalist also mentioned the Spot Bitcoin ETFs, which have been accumulating a big amount of the BTC supply, as one other factor that might contribute to BTC’s meteoric rise.
Mt. Gox’s Bitcoin repayment is an event that’s believed could impact the crypto’s price negatively because it could lead on to more Bitcoin supply dumped available on the market. Nonetheless, Mow doesn’t imagine that’s going to occur. He mentioned that only about 20% of the defunct crypto exchange’s BTC will hit the market while the remaining 80% might be moved to cold storage or borrowed against.
Mow also had something to say about when precisely the crypto bull run will begin. He mentioned that the bull run starts when Bitcoin is at $100,000. He added that the recent market downtrend is just the “unwinding of the fakery to make retail think Bitcoin is over.” Based on predictions made by crypto analysts like PlanB, BTC could hit $100,000 this 12 months.
Interestingly, PlanB also shares an analogous sentiment to Mow that Bitcoin can hit $1 million by next 12 months. 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 in this bull run, although a serious consensus appears to be the undeniable fact that the flagship crypto will greater than likely rise above $100,000. Crypto analyst Mikybull Crypto once mentioned between $138,000 and $150,000 as “optimal targets for Bitcoin on this bull run.”
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Crypto analyst Cryptorphic also mentioned that BTC could rise to as high as $156,000 by next 12 months, while Skybridge Capital CEO Anthony Scaramucci expects Bitcoin to rise higher and reach $170,000 sometime in 2025. Cryptoquant’s CEO Ki Young Ju predicted that BTC could reach $265,000 on this market cycle based on the Hashrate/Market Cap ratio, which he claimed supports such a parabolic rise.
BTC price rises to check $65,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com