Samson Mow: Bitcoin "Likely" to Reach $100K Before Halving
Created 2 days ago, last updated 2 days ago
Bitcoin (BTC) witnessed a significant rise in 2024; It started the year at $42,208 and rose to an all-time high of $73,737 on March 14.
Bitcoin (BTC) has witnessed a significant rise in 2024, starting the year at $42,208 and rising to an all-time high of $73,737 on March 14. However, in just a month's time, as the Bitcoin halving approached, BTC price dropped. Despite reaching an all-time high earlier this month, there has been a retreat of over 16%.
Samson Mow, CEO of Jan3, a technology company focused on expanding Bitcoin access globally, has long predicted strong upward price momentum for Bitcoin in an interview with CoinTelegraph. Mow is confident that Bitcoin will surpass its previous all-time high, stating that Bitcoin will likely reach $100,000 before the halving. He attributes this prediction to insatiable demand from exchange-traded funds (ETFs), which consume approximately 7,000 coins per day, and highlights the scarcity of coins available.
When asked about the relationship between Bitcoin and the broader crypto market, Mow believes Bitcoin will eventually diverge from other cryptocurrencies due to heavy inflows from ETFs. With daily inflows ranging from $500 million to $1 billion, Bitcoin benefits from a large pool of capital that other cryptocurrencies do not. While smaller cryptocurrencies may follow Bitcoin's performance for a period of time due to their low liquidity, Mow believes they will eventually lose momentum and fall behind.
