Don't Expect Bitcoin's Price to Plummet Below $30K

Samson Mow Doubts Bitcoin Will Drop to $30K

According to Samson Mow, CEO of Pixelmatic, many investors are waiting for Bitcoin’s price to dip below $30,000 before buying. However, Mow believes that the cryptocurrency will not go that low.

Mow’s statement on Twitter sparked comments from BTC proponents who argued that investors should not wait for a specific price to enter the market. They also expressed concern that inexperienced investors would be scared off if the price plunged to $30K.

Mow is a strong supporter of Bitcoin and has previously predicted that its value will eventually reach $1 million. He believes that those who missed out on investing in Bitcoin earlier will have to work to earn BTC in the future.

Bitcoin’s Price and the Potential for a Rally

After reaching a multi-year high of $49,000 on January 11, Bitcoin’s price has dropped to around $40,000. This decline followed the approval of multiple spot BTC ETFs by the US SEC.

However, there are several potentially bullish events on the horizon for 2024. One of them is the upcoming BTC halving in April, which will reduce miners’ rewards and potentially trigger a price rally due to decreased supply.

The previous halving event in 2021 was followed by a record-breaking bull run that saw Bitcoin reach an all-time high of nearly $70,000. Therefore, many are hopeful that history will repeat itself and BTC’s price will continue to rise.

Hot Take: Bitcoin’s Future Outlook

In conclusion, while some investors may be waiting for Bitcoin’s price to drop below $30,000, Samson Mow doubts that it will happen. He encourages investors not to wait for a specific price and to enter the market based on their own analysis and understanding of the cryptocurrency.

Looking ahead, the upcoming BTC halving in April could be a catalyst for a price rally, as it has been in the past. If demand remains strong or increases, the reduced supply from the halving could push Bitcoin’s price higher. Therefore, despite recent fluctuations, there is optimism about Bitcoin’s future performance.