The recent launch of the long-anticipated spot Bitcoin ETF has sent shockwaves through the financial world, heralding a significant moment for the world’s leading cryptocurrency.

This groundbreaking development not only provides investors with a regulated means of owning Bitcoin but also eliminates the complexities associated with directly holding the digital asset.

Related Reading: Game Over For GameStop And Its NFT Ambitions, Marketplace To Wind Down

Bitcoin To Hit $1 Million Soon?

The market’s response to this news has been overwhelmingly positive, fostering a wave of optimism that has led some experts, including Samson Mow, founder of Jan3 investment firm, to make audacious predictions.

Mow’s “Max Pain Theory” speculates that Bitcoin could reach $1 million in price in a matter of days or weeks.

The foundation of Mow’s bold forecast lies in the belief that high-value BTC holders might strategically orchestrate a temporary selloff. This tactical move would drive the price to a level so enticingly low that institutional giants such as BlackRock and Fidelity would find it irresistible to enter the market.

My main prediction is the run up to $1M happens in days to weeks. Starting point TBD.

— Samson Mow (@Excellion) January 14, 2024

BTC market cap currently at $841 billion. Chart: TradingView.com

According to Mow, the recent dip in Bitcoin’s price may be a mere “sell the news” blip before the actual surge begins, highlighting the intricate strategies at play in the cryptocurrency market.

However, skeptics remain cautious, acknowledging the significant boost in legitimacy and accessibility that the ETF offers while pointing to Bitcoin’s well-documented volatility and the potential for unforeseen regulatory obstacles.

BTC Price Feels The Pressure

The recent withdrawal of shares from the Grayscale Bitcoin Trust (GBTC), a separate investment vehicle mirroring the coin’s perfo

Go to Source to See Full Article
Author: Christian Encila

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details