According to U.Today, Samson Mow, a well-known figure in the cryptocurrency industry, has predicted a potential surge in Bitcoin's value to $10 million. This prediction comes at a time when Bitcoin's price has been relatively stable, hovering around $70,000 since mid-May. The lack of significant price movement has led to speculation about possible market manipulation and has left traders and investors feeling frustrated.
Adam Back, a prominent figure in the cryptocurrency world with connections to Bitcoin's elusive creator Satoshi Nakamoto, suggested that the current price stagnation could be due to certain sellers urgently needing cash. These sellers are reportedly offloading their holdings, and once their limited supply is depleted, the market could begin to rise again. Back pointed to data supporting the existence of basis trading, where collateral is Bitcoin rather than Bitcoin ETFs. He also noted that buying activity is still happening through CME futures, indicating latent demand.
Mow agreed with Back's analysis, highlighting the increase in short interest from newer, less experienced traders who misunderstand the cash and carry trade. He suggested that the significant shorting activity on futures is likely unsustainable and could lead to substantial liquidations soon, which would drive Bitcoin's price up. Mow compared the current suppressed price to a compressed coil ready to spring, indicating that it is set for a significant increase.
Mow also stressed that Bitcoin trading below $70,000 is an anomaly given its trajectory. He expressed confidence that not only would $1 million per Bitcoin eventually seem like a bargain, but the price would ultimately surge to $10 million, making it a crucial investment for the future.