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Samson Mow Predicts $10 Million in Bitcoin
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Crypto entrepreneur Samson Mow predicted an explosive rise for Bitcoin, predicting that the cryptocurrency could reach $10 million. This prediction comes in a period of nothingness, with the price of BTC having stabilized around $70,000 since mid-May and trading sideways. The lack of significant price movement has frustrated traders and investors, leading to speculation of market manipulation.
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Adam Back, a key figure in the cryptocurrency space with ties to the mysterious creator of Bitcoin Satoshi Nakamotosuggested that the current price contraction could be due to the urgent need for liquidity by some sellers.
These sellers, according to the programmer, are unloading their holdings, and once their limited supply is exhausted, the market may begin to grow again. He indicated that the data supports the presence of floor trading, where the collateral is BTC rather than Bitcoin ETFs, and pointed out that buying activity still occurs through CME futures, indicating latent demand.
This also corresponds to my analysis. With so many left-wing bell curve traders popping up to confidently explain that “rising short interest is just a cash and carry operation,” it’s no wonder why we consistently see so many liquidations. As if the carry trade didn’t exist before this week.… https://t.co/lDIxALdLPI
— Samson Mow (@Excellion) June 9, 2024
Mow supported Back’s analysis, noting increased short interest from new and less experienced traders who misinterpret the cash and carry trade. He argued that the significant short-selling activity in futures is likely unsustainable and that those involved could soon face massive liquidations, prompting The price of Bitcoin upward. Mow likened the price’s current state of decline to a compressed coil ready to snap, suggesting it is poised for a dramatic rise.
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Furthermore, he underlined it Bitcoin trading below $70,000 is an anomaly given its trajectory. He expressed confidence that not only would $1 million for Bitcoin ultimately seem like a bargain, but that the price would eventually rise to $10 million, making it a key investment for the future.