Bitcoin (BTC) has risen from $42,208 to a record high of $73,737 by 2024, but has recently undergone a 16% retracement. Samson Mow, CEO of Jan3, a technology company focused on global access to Bitcoin, predicts BTC could reach $100,000 before the next halfway point.
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Bitcoin's recent rise and retracement
Bitcoin started the year at $42,208 and shot up to $73,737 in 2024, a new all-time high. Despite this, the price fell more than 16% as Bitcoin's halving approached.
Samson Mow's confidence in Bitcoin's future
Mow has long predicted strong upward momentum for Bitcoin and remains confident in its potential. He believes Bitcoin will surpass its previous all-time high and could reach $100,000 before halving.
Factors affecting the price of Bitcoin
Mow attributes Bitcoin's potential rise to high demand from exchange-traded funds (ETFs), which currently consume about 7,000 coins per day. This demand highlights the scarcity of available coins, driving up prices.
Bitcoin's potential decoupling from other cryptocurrencies
Mow expects Bitcoin to eventually be decoupled from other cryptocurrencies, driven by significant inflows from ETFs. Bitcoin has a significant capital pool, ranging from $500 million to $1 billion in daily inflows, which other cryptocurrencies do not.
Impact of Bitcoin's halving
Bitcoin's halving, expected April 20, has historically led to significant price rallies. Mow's prediction that Bitcoin will reach $100,000 before the halving indicates that he is optimistic about Bitcoin's future performance.
Concerns about other cryptocurrencies
Mow points out that founders and insiders often drive up the prices of other cryptocurrencies before buying Bitcoin, putting private buyers at a disadvantage. He believes that while smaller cryptocurrencies may initially follow Bitcoin's performance, they will eventually lose momentum.
Samson Mow's prediction that Bitcoin could potentially reach $100,000 before the halving reflects his confidence in Bitcoin's future performance. With the halving approaching and strong demand from ETFs, Bitcoin's price remains a major concern for investors and enthusiasts alike.