Samson Moe emphasized that the “maximum pain theory” is the key factor that pushed Bitcoin to $1 million “within days or weeks.”
Samson Moe, CEO of Jan3 and a prominent proponent of #BTC , recently reiterated his bullish stance on Bitcoin, highlighting his “maximum pain theory” as a key factor supporting his forecast. Moe foresees a meteoric rise in Bitcoin's value, confidently declaring that the digital asset will reach $1 million within "a few days or weeks."
According to Moe, Bitcoin bulls are already facing this loss following the recent approval of spot Bitcoin exchange-traded funds (ETFs), although he expects bears could soon suffer a similar fate.
The approval of these ETFs is a critical element of Moe's forecast as he foresees an increase in demand for Bitcoin. Moe argues that the Bitcoin market is approaching a point where existing supply will not be able to meet the growing demand. He points to the upcoming Bitcoin halving event as a potential catalyst for a parabolic rise in Bitcoin price, stating:
“What you need to look at is pure demand for Bitcoin and ignore short-term market inefficiencies. Existing supply will NOT meet current demand and the halving will occur in a few months.”
Information about current market changes
Mo also provided information about the recent decline in the price of BTC, explaining it as a market correction. He highlighted the exit of holders of GBTC (an investment product that tracks the market price of Bitcoin minus service fees) from the market as a contributing factor. Additionally, Bitcoiner noted that shares of MicroStrategy (a business intelligence company) are trading below Bitcoin's par value, adding downward pressure on Bitcoin's price. A Bitcoin supporter writes:
“MicroStrategy is oversold. Investors could potentially move from MSTR to ETFs, simply looking for a piece of the next shiny thing, without realizing that MSTR is in some ways superior to BTC. MSTR will set the correct price, which will be at least higher than the BTC denomination.”
Despite the current market fluctuations, Moe urges patience, arguing that the market needs time to recalibrate. He expects the GBTC sell-off to not be a lengthy process, stressing that the adjustment will happen relatively quickly. Mo states:
“The pressure to sell GBTC will not be a long process. Many simply can't sell them because the tax hit is too big and Grayscale will eventually have to capitulate because of the fees. Most likely, sooner or later this will happen.”
Notably, Grayscale currently charges the highest fees of any spot Bitcoin ETF issuer, which could potentially lead investors to sell their shares and move to other funds.
Optimistic Ox.
Moe has a history of making bold predictions about the future value of Bitcoin. In November, the CEO of Jan3 confidently predicted that Bitcoin would reach $1 million. Moe's forecast is based on his belief that Bitcoin will repeat the parabolic growth cycle that sparked the historic bull run in 2017.
He called attention to the fact that during this particular period, Bitcoin experienced a significant 20-fold increase, skyrocketing from $1,000 to $20,000 in just nine months.
