Spot ETF Launch Sparks Speculation
Bitcoin’s price is poised for a remarkable ascent, with predictions from market expert Samson Mow suggesting it could reach $1 million in the coming days or weeks. The spotlight on Bitcoin’s price has intensified following the recent approval and launch of a spot Exchange Traded Fund (ETF) tracking the cryptocurrency.
The Max Pain Theory and Bitcoin’s Trajectory
Samson Mow, founder of the investment firm Jan3, has stirred the cryptocurrency community with his bold forecast. According to Mow, the Max Pain Theory is still in play for Bitcoin, referring to a concept stating that, on expiry day, the price of the underlying asset moves toward a point that inflicts maximum loss to the highest number of options buyers. In simpler terms, it implies a scenario where high-value Bitcoin holders trigger a selloff, making the asset enticingly affordable for buyers.
The recent spot Bitcoin ETF launch prompted a “sell the news” moment, as witnessed by the withdrawal of shares from Grayscale Bitcoin Trust (GBTC), leading to a temporary dip in Bitcoin’s price to $42,460.16 last week.
Optimistic Outlook: $1 Million Bitcoin Price in Focus
Despite recent market fluctuations, Samson Mow remains optimistic about Bitcoin’s trajectory, anticipating a surge to $1 million. The starting point for this remarkable climb is yet to be determined, but Mow stands firm in his prediction, declaring on his official X account, “My main prediction is the run-up to $1M happens in days to weeks. Starting point TBD.”
Bitcoin’s current price stands at $42,788.46, reflecting a 3.24% decrease in the past 24 hours, and its market capitalization has dipped to $838,531,752,412.
Spot Bitcoin ETF Catalyst: Inflow of Funds Expected
Samson Mow, a prominent Bitcoin advocate, anchors his optimistic outlook on the potential of the spot ETF product now actively trading in US markets. He anticipates a substantial influx of funds into Bitcoin, drawing on the vast capital reserves of key market participants, including BlackRock Inc., Fidelity Investments, and VanEck.
The successful launch and initial performance of the spot Bitcoin ETF have fueled optimism within the crypto community. Mow’s bullish forecast aligns with the belief that increased mainstream adoption, facilitated by the ETF, will contribute to Bitcoin’s impressive surge, validating predictions from various industry experts.