Bitcoin (BTC) Price Prediction
According to Samson Mow, a market expert and founder of investment firm Jan3, the approval and launch of the spot Exchange Traded Fund (ETF) tracking Bitcoin could push the price of the digital currency to $1 million in a matter of days or weeks. Mow’s bullish call for Bitcoin aligns with his previous predictions.
Mow sparked a debate on Twitter when he mentioned that the Max Pain Theory is still in play for Bitcoin. This theory suggests that on expiry day, the price of an asset moves towards a point that causes maximum loss to options buyers or minimum loss to option sellers. In this case, high-value holders of Bitcoin are pushing for a selloff, making it profitable for others to buy.
Last week, the emergence of the spot Bitcoin ETF resulted in a “sell the news” moment as shares were withdrawn from Grayscale Bitcoin Trust (GBTC), causing the price of Bitcoin to drop to $42,460.16.
Mow believes that the $1 million Bitcoin price will eventually materialize, but the starting point is yet to be determined.
Spot Bitcoin ETF Catalyst
Mow is optimistic about the price of Bitcoin due to the potential inflow of funds into the asset following the launch of the spot ETF product in US markets. He expects major participants like BlackRock Inc., Fidelity Investments, and VanEck to contribute significantly to this capital influx.
The spot Bitcoin ETF had a promising start upon its trading debut, leading to optimism about increased mainstream adoption in the future. This validates Mow’s price forecast and similar predictions by others in the market.
Hot Take: The Path to $1 Million
The recent approval and launch of a spot ETF tracking Bitcoin has stirred up excitement and speculation about the future price of the digital currency. Market expert Samson Mow predicts that Bitcoin could reach $1 million in a matter of days or weeks, building on his previous bullish call for the top coin.
While there is ongoing debate regarding the Max Pain Theory and its impact on Bitcoin’s price, Mow believes that high-value holders are driving a selloff, creating an opportunity for others to buy at a profitable level. The emergence of the spot ETF served as a “sell the news” moment, causing a temporary drop in Bitcoin’s price.
Mow’s optimism stems from the potential inflow of funds into Bitcoin, driven by major market participants like BlackRock Inc., Fidelity Investments, and VanEck. The successful start of the spot ETF trading further fuels expectations of increased mainstream adoption and supports Mow’s forecast of reaching $1 million.
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