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May 27, 2024
PI Global Investments

Bitcoin (BTC) Price to Touch $1M in Days to Weeks

There is deep attention on the Bitcoin (BTC) price at the moment following the approval and launch of the spot Exchange Traded Fund (ETF) tracking the product. 

Bitcoin (BTC) Price Prediction

With expectations that the digital currency will benefit from the spot Bitcoin ETF emergence, Samson Mow, a market expert and founder of investment firm Jan3 has tipped Bitcoin price to touch $1 million in days or weeks in alignment with his prior bullish call for the top coin.

Taking to his official X account, Samson Mow sparked a debate when he declared that Max Pain Theory is still in play for Bitcoin. According to a definition of this concept by Upstox, the Max Pain Theory “states that on expiry day, the price of the underlying index/stock moves toward a point that results in maximum loss (pain) to the highest number of options buyers. Alternatively, it also means a minimum loss to option sellers.”

Here, the high-value holders of Bitcoin push the selloff to the point where the asset becomes quite profitable to buy. The spot Bitcoin ETF emergence served as a “sell the news” moment last week as the withdrawal of shares from Grayscale Bitcoin Trust (GBTC) forced the price of the coin to a low of $42,460.16 in the past week.

Samson Mow is optimistic that the $1 million Bitcoin (BTC) price will materialize but the starting point is to be determined at a later date.

Bitcoin price is changing hands at a price of $42,788.46, down by 3.24% in the past 24 hours as its market capitalization has dropped to $838,531,752,412.

Spot Bitcoin ETF Catalyst

Samson Mow is one of the major Bitcoin advocates with an optimistic view about the price of the asset, riding on the potential of the spot ETF product now trading in US Markets.

Mow is optimistic that there will be a massive inflow of funds into Bitcoin, drawing on the huge capital base of the key participants in the market including BlackRock Inc., Fidelity Investments, and VanEck among others.

The spot Bitcoin ETF product, upon launch of trading, had a good start, igniting the optimism that it will draw in more mainstream adoption in the mid-to-long term, hence validating this price forecast from Samson Mow and others.

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