© Reuters. “Bitcoin will reach $1 million in days,” says Samson Mo, but there is a problem
U.Today – In a recent Mao, known for his bold statements, emphasizes the impending perfect storm that will push the cryptocurrency to this unprecedented price level. But Mao makes an important clarification: the date has not yet been set.
The expert’s optimism is fueled by the recent approval of spot bitcoin ETFs by the SEC for several companies.
In addressing the current state of Bitcoin ETFs, Mo points to a period of market adjustment. The recent launch of Bitcoin ETFs with trading volume in the billions and BlackRock’s (NYSE:) acquisition of 11,500 BTC have contributed to the ongoing recalibration. Meanwhile, GBTC holders are exiting their positions, creating selling pressure and pushing prices lower. Mow believes this process will not be long, as many are reluctant to sell due to the significant tax implications, eventually leading to Grayscale capitulating to the fees.
Time until Bitcoin halving: 97 days
Amid these market complexities, Mo advises investors to focus on raw demand for Bitcoin and ignore short-term shortcomings. He stresses that current supply will not meet current demand, and with Bitcoin’s price halving approaching within a few months, strategic planning is essential for those eyeing the cryptocurrency market.
As 2024 approaches, Mo’s bold predictions add an extra layer of anticipation and excitement to Bitcoin. The cryptocurrency community is eagerly waiting to see if the expert’s vision will actually come true soon.
This article was originally published on U.Today