According to U.Today, Samson Mow, the CEO of Bitcoin adoption-focused company Jan3, has reiterated his bullish stance on Bitcoin, predicting that the flagship cryptocurrency will reach a value of $1 million by 2025. Despite skepticism from some quarters, Mow remains confident in his prediction, citing the approval of spot Bitcoin ETFs in January and the fourth Bitcoin halving in late April as key factors.
Mow has a history of making bullish Bitcoin price predictions, often referring to the potential for 'Omega candles' or 'Godzilla candles' to drive the price up to $1 million per Bitcoin. Following the approval of spot Bitcoin ETFs by the American Securities and Exchange Commission (SEC), these ETFs began to accumulate large amounts of Bitcoin daily, excluding weekends, to back their exchange-traded products. Mow believes that this will create a Bitcoin demand shock.
The only ETF that was losing Bitcoin daily was Grayscale’s GBTC, which allowed BlackRock’s IBIT to surpass GBTC in terms of Bitcoin holdings size. After the Bitcoin halving event, which saw the block size reduce from 6.25 to 3.125 BTC, Mow suggested that a Bitcoin supply shock had occurred. He predicts that the price of Bitcoin will skyrocket to $1 million and potentially higher when the demand shock meets the supply shock.
However, Bitcoin's market performance has been less than stellar recently. In the last 24 hours, the cryptocurrency has seen a significant drop, losing the $64,000 and $63,000 levels. Since Sunday, the Bitcoin price has decreased by 3.32%, falling from $64,345 to $62,190. Bitcoin miners continue to sell as much BTC as they can, creating high selling pressure that has been a key factor in driving the price down. Miners are selling their Bitcoin to cover mining expenses and secure their profits.