Bitcoin To Hit $100,000 This Year for the First Time Since Its Inception

Bitcoin To Hit $100,000 This Year for the First Time Since Its Inception

Source Node: 2601440

Crypto Analyst Sights $100,000 For Bitcoin’s Near-Term Price After This Pattern Surfaced

Advertisement

&nbsp

&nbsp

Samson Mow, CEO of Jan3, recently shared his perspective on the future of Bitcoin through the social media platform X. Mow, a prominent Bitcoin supporter, expressed his belief that Bitcoin is on a trajectory to reach $100,000, which he referred to as “$0.1 million.” He opined that BTC could eventually skyrocket to $1 million while commenting on the coin’s growing significance.

Mow identified two factors that will spark Bitcoin’s surge to $100,000. He also added that the first reason would trigger the second. According to Mow, Bitcoin must surpass its all-time high of $73,750 to set off a recursive demand shock. This new peak, he suggests, would lead to a continuous rise to $100,000.

“Once we surpass the previous #Bitcoin ATH, recursive demand shock kicks in, and it’s up all the way to $0.1M,” he wrote.

On May 5, Bitcoin witnessed a significant increase of 3.68%, raising its price from $68,706. The day after, it rose by nearly 3%, reclaiming the $70,000 mark to trade at 71,000. This rapid price increase was reportedly due to an increase in spot Bitcoin ETF inflows. BTC ETF inflow on May 6 totaled $887 million, the highest since the approval of Bitcoin ETFs in January.

BlackRock’s iShares Bitcoin Trust (IBIT) attracted $274 million, while the ARK 21Shares Bitcoin ETF (ARKB) saw inflows of $139 million. Reacting to the trend, Mow stated, “It’s a miracle that Bitcoin stayed below $0.07 million for so long,” given Bitcoin’s volume-to-supply ratio.

AdvertisementFollow ZyCrypto On Google News

&nbsp

Furthermore, Mow emphasized the importance of having Bitcoin exposure in the current market environment. As of press time, Bitcoin traded at $ 69,436, representing a 1.7% intraday decrease.

Potential Shift from Long-Term Holding to Dynamic Management Highlighted by Experts

According to a CNBC report, the traditional practice of holding Bitcoin long-term might decrease as ETFs become more popular. Bitcoin has seen increased institutional adoption in recent years, with the launch of ETFs accelerating this trend. 

Donald Marron, director of economic policy initiatives at the Urban Institute, highlighted this potential shift during the 2024 Vision conference in Austin, Texas. 

“You have so many people in this community who are just diamond-handed holders. “If you convince them to allocate 1% [to bitcoin] today … and never touch it, they would see enormous wealth gains if you were on those roads to a much higher bitcoin price,” Marron noted.

This evolution could influence the overall strategy of bitcoin investors, potentially moving away from the steadfast HODL approach towards more dynamic portfolio management.

Time Stamp:

More from ZyCrypto