Samson Mow, a Bitcoin maximalist and the boss of the Bitcoin-focused company Jan3, has taken to his account on the X social media platform (formerly widely known as Twitter) to break an ultra-bullish Bitcoin price forecast to the global crypto community.
Mow has doubled down on his $1 million Bitcoin forecast that he did earlier this year.
“Bitcoin going to $1 million,” Mow says, here’s when it may happen
Today, Samson Mow tweeted that “Bitcoin is going to $1 million,” and he added that he is “not uncertain.” In the comment thread, the cryptocurrency influencer shared that he believes it is likely to happen within one year.
#Bitcoin is going to $1.0M.
I am not uncertain.
— Samson Mow (@Excellion) July 16, 2024
Mow also offered a comment on the mammoth-sized Bitcoin transactions made by the Mt Gox crypto exchange today. The platform started moving Bitcoin and Bitcoin Cash in order for payouts to the creditors could start. Mt Gox transacted almost $6 billion in BTC today, causing a substantial BTC price decline.
Earlier this week, Samson Mow tweeted that he does not believe that Bitcoin will ever again decline below the $60,000 price mark. The flagship cryptocurrency has recently started to recover after the recent sell-off initiated by the German government as it sold 50,000 BTC in multiple transactions to such crypto exchanges as Coinbase, Kraken, and Bitstamp.
Mow’s comment on Mt Gox large Bitcoin movements
Chinese cryptocurrency journalist Colin Wu spread the word that the Kraken exchange has received Bitcoin and Bitcoin Cash funds for the creditors. The platform will take one or two weeks to start distributing that crypto.
Samson Mow does not believe the Mt Gox payouts will have any significant impact on the Bitcoin price. He expects only 20% of that Bitcoin to hit the market. As for the remaining 80%, the Jan3 boss believes it will be either moved to cold storage wallets or will be locked in finance apps as users are likely to make some borrowings against this Bitcoin.
But Mow is certain that 100% of the Bitcoin Cash returned to the creditors by Mt Gox will be sold by the recipients.
Only ~20% of distributed Gox #BTC will hit the market. ~80% will just move to cold storage or be borrowed against.
However, 100% of distributed #Bcash will hit the market.
— Samson Mow (@Excellion) July 16, 2024
Bitcoin plunged by roughly 3.7% earlier today, falling back to the $62,500 zone. This decline was followed by a small recovery. As of this writing, Bitcoin is changing hands at $63,815.