Crypto entrepreneur Samson Mow projected an explosive rise for Bitcoin, predicting the cryptocurrency could sometime reach $10 million. This forecast comes in a period of nothing, with the BTC price stabilizing around $70,000 since mid-May and trading sideways. The lack of significant price movement has frustrated traders and investors, leading to speculation about market manipulation.
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Adam Back, a key figure in the cryptocurrency space with ties to Bitcoin’s mysterious creator Satoshi Nakamoto, suggested that the current price suppression might be due to certain sellers urgently needing cash.
These sellers, according to the programmer, are offloading their holdings, and once their limited supply is exhausted, the market could start to rise again. He indicated that data supports the presence of basis trading, where collateral is BTC rather than Bitcoin ETFs, and highlighted that buying activity is still occurring through CME futures, which points to latent demand.
This matches with my analysis too. With so many left bell curve traders popping up to confidently explain “the short interest increase is just a cash and carry trade,” it’s no wonder why we constantly see so many liquidations. Like the carry trade didn’t exist before this week.… https://t.co/lDIxALdLPI
— Samson Mow (@Excellion) June 9, 2024
Mow supported Back's analysis, noting the rise in short interest from new, less experienced traders who misinterpret the cash and carry trade. He argued that the significant shorting activity on futures is likely unsustainable and those involved could face massive liquidations soon, driving Bitcoin’s price upward. Mow likened the current suppressed state of the price to a compressed coil ready to spring, suggesting that it is poised for a dramatic increase.
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Furthermore, he emphasized 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 pivotal investment for the future.