Top Bitcoin advocate Samson Mow thinks BTC has yet to commence its price run despite the asset’s recent push above $72,000 to hit a new all-time high at $72,850.
The performance of Bitcoin (BTC) in the past few days has left many investors stunned. Bitcoin’s price has rallied significantly in recent times, setting a new all-time high at $72,850 yesterday.
Bitcoin Price Run Yet to Begin
Despite Bitcoin’s astounding performance lately, legendary BTC investor and former Blockstream CSO Samson Mow believes that the world’s largest cryptocurrency has not really started its price run.
He made this known while reacting to a post from Lawrence Lepard, the investment manager at Equity Management Associates, LLC. In the tweet, Lepard emphasized that watching TradeFi investors react to Bitcoin’s price run has been fun.
Responding, Mow stated that Bitcoin has not yet commenced its price run. He speculated that when the top asset embarks on a price run, people’s faces will not only melt but atomize.
We haven’t even really started the price run yet. Faces won’t be melted, they will be atomized. #Bitcoin https://t.co/RdbWnQpfq2
— Samson Mow (@Excellion) March 12, 2024
BTC Will Hit $1M
Mow’s recent bullish sentiment about Bitcoin comes hours after he forecasted that BTC will definitely reach a price target of $1 million in the future.
He said the $1 million price target was established when the U.S. Securities and Exchange Commission (SEC) approved multiple Bitcoin exchange-traded funds (ETFs) earlier this year.
“We’re just coasting along now,” he added, referring to Bitcoin’s current price performance.
Bitcoin ETFs: The Game Changer
The newly introduced Bitcoin ETFs have been the game changer in the ongoing bull cycle. Historically, Bitcoin sets a new all-time high record after the halving event.
However, in this cycle, Bitcoin has already smashed its previous all-time high record of $69,044, even before the highly anticipated halving expected in the next 35 days. The new ATH price of $72,850 was set yesterday.
Bitcoin achieved the feat as more TradFi investors gained indirect exposure to the world’s largest cryptocurrency by market cap. As of yesterday, the total assets under management (AUM) in 10 Bitcoin ETFs were worth $55 billion, while trading volume doubled to $110 million.
It is worth mentioning that these ETFs achieved the feat in just eight weeks after they started trading. Commenting, Bloomberg ETF analyst Eric Balchunas said he would have described the ETFs as a success if these were the numbers by 2024 ending.
With the ETFs recording the feat in just eight weeks, Balchunas considered it to be “simply absurd.”
First two months officially in the books (it's felt like six) and the ten bitcoin ETFs now have over $55b in assets with exactly double that in volume at $110b. If these were the numbers at the end of year I'd call them a success. To do it in eight weeks is simply absurd. pic.twitter.com/8YvzQZdYyJ
— Eric Balchunas (@EricBalchunas) March 11, 2024
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