You know it’s a bull market when crypto influencers promise you prices of up to $1 million. Samson Mow, an active Bitcoin entrepreneur and architect of El Salvador’s Bitcoin bonds, predicts a BTC price of one million US dollars this year or next.
In the podcast with Peter McCormack says the Bitcoiner: “If not this year, then next. But that will happen very soon.” The current dip does not impress the Bitcoiner either. He assumes $100,000 before the halving. Or, to put it in his words:
“You know we’ll still get to $0.1 million before the halving, right?”
For us, absurd price forecasts such as a million US dollars per BTC within a year are one thing above all: a clear sign of market overheating. Therefore, in the latest Bitcoin Report we looked at a number of metrics that show that digital gold is currently trading in overbought territory.
Caution is advised when it comes to lunar forecasts like Samson Mow’s. Remember: in 2021 it was virtually a foregone conclusion that BTC would be at USD 100,000 – until the price found its provisional cycle top at USD 69,000.
Assuming Mow was right, Bitcoin would have to rise 1,415 percent by the end of 2024 at the latest. On average, that would be 72 percent per month – a completely absurd idea.
How far will BTC correct? Is the BTC market still overheated? In our current Bitcoin report “After Bitcoin overheating: How far will BTC correct?” We have compiled data and statistics that can help you navigate this dynamic market environment.
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