Mow Forecasts Bitcoin’s Rise Before Bitcoin Halving
The year 2024 has been bullish so far for the crypto market as we have seen Bitcoin (BTC) surge from $42,208 to a record high of $73,737 by March 14. Despite this, BTC saw a 16% dip as the Bitcoin halving nears in a month.
Source: Coinmarketcap
In a CoinTelegraph interview, Samson Mow, CEO of Jan3 a technological company that helps improve bitcoin access across the world, predicts BTC hitting $100,000 pre-halving. He credits ETFs consuming 7,000 coins daily for this, emphasizing coin scarcity. Samson Mow suggests BTC will detach from other cryptos due to ETF inflows of $500M-$1B daily, giving BTC a capital advantage.
He believes that while smaller cryptos may mirror BTC’s performance initially due to less liquidity, Mow believes they’ll lose steam over time. He highlights how insiders often boost altcoin prices before switching to BTC, leaving retail buyers at a loss.
Our Take:
Dipprofit agrees with the fact that the Bitcoin ETF, has fueled the bullish movement of Bitcoin as the price and value of this crypto asset can only keep getting higher, especially after the next halving. A lot of reasons have led to this conclusion. You can read our article on Bitcoin Halving and the ETF’s effect to get a better understanding of the potential of Bitcoin.
When it comes to Altcoins though, we have a different opinion. It should be understood that cryptocurrency already represents the new age, the technology in which these crypto tokens operate is known as blockchain technology and the utility of this technology goes beyond just the creation of digital assets. It also stands for decentralization, improved online privacy, autonomous systems and many other utilities.
Therefore, the general acceptance of Bitcoin will only further pave the way for several Altcoins due to their immense utility in this new digital technology. Altcoins like Ethereum, BNB, SOL, and XRP, which have good utility will become more useful as the blockchain technology is further improved and accepted.
In conclusion, It should be of note that while Bitcoin might be the digital gold that has been discovered, Altcoins with their blockchain network and utilities are discovered diamonds still looking rough and unrefined with immense potential
The Bitcoin halving is slated for April 20, historically leading to significant price rallies, if the price of Bitcoin hits the $100k mark before the halving, it is very likely to see a little Dip in Bitcoin price, before the bullish rally continues.
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