According to U.Today, Samson Mow, a prominent Bitcoin supporter, has reiterated his prediction that Bitcoin will reach $1 million. Mow had previously forecasted this milestone for the leading cryptocurrency to be achieved next year. He later clarified in an interview that even if this landmark price is not reached this year or the next, Bitcoin will soon hit this historic peak.
Mow's prediction is based on the observation that Bitcoin has been increasingly removed from the market since mid-January, following the approval of spot Bitcoin ETFs by the SEC. These ETFs began purchasing large quantities of Bitcoin daily immediately after their launch. Until mid-April, they were buying approximately 10,000 Bitcoin per day, significantly more than the daily production by miners.
Mow has also highlighted that the fourth Bitcoin halving took place this year, which occurred in the second half of April. This event reduced block rewards by half to 3.125 Bitcoin. Despite this reduction, ETFs continued to absorb Bitcoin from the market, creating what Mow describes as a 'demand shock'. He also noted that the April halving resulted in a Bitcoin 'supply shock'. Mow theorizes that when these two 'Bitcoin shocks' intersect, Bitcoin's value will skyrocket, potentially triggered by an 'Omega candle', which could be preceded by Bitcoin 'Godzilla candles'.
In related news, Robert Kiyosaki, the author of 'Rich Dad Poor Dad', has expressed his intention to buy more Bitcoin. Kiyosaki tweeted earlier this week that he is waiting for the asset's price to drop before making his purchase. He later referenced investor Raoul Pal's claim that Bitcoin is entering 'the Banana Zone', suggesting that the cryptocurrency is on the verge of a significant price increase.