The cryptocurrency market was bleeding. Top assets to low-cap ones were witnessing a major dip. Bitcoin [BTC] was seen leading this downtrend with a 5% decrease over the last 24 hours. In addition, BTC saw a 7.33% downfall throughout the past week. At press time, the coin was trading at $61,112. While BTC struggles to keep itself over $61,000, Samson Mow, the CEO of Jan3 dropped a positive prediction.
According to Mow, BTC will soar to a high of $1 million within the next year. It should be noted that this isn’t the first time that the BTC advocate is making these claims. Mow has been forecasting $1 million for BTC over several years.
Mow’s recent forecast is based on several factors. Initially, he suggests that Bitcoin may experience an increase following the formation of what he refers to as “Omega Candles” or “Godzilla Candles.” But what will help BTC form these candles soon?
Also Read: Mt. Gox Announces Bitcoin, Bitcoin Cash Payouts Next Month
What Is Fueling Mow’s Prediction?
The U.S. Securities and Exchange Commission [SEC] changed the dynamics of the market by approving spot Bitcoin ETFs. This according to Mow is a game changer for the industry. It opened opportunities for institutional investors to invest in Bitcoin while boosting its demand.
The Bitcoin market is currently on a downtrend and is close to dropping below $60,000. Previously, Mow said, “When you see the Bitcoin price dropping, just remember where it inevitably must go.”
BTC’s current drop is because of various factors. This includes the German government’s Bitcoin movements, large sales from BTC miners along with the news of Mt. Gox’s payout announcement. This led to a liquidation of more than $150 million in bullish bets.
Also Read: Standard Chartered to Launch Spot Bitcoin & Ethereum Trading Desk