Waiting for Bitcoin’s Price to Crash Below $30K? You Might Be Disappointed (Expert)
TL;DR
- Samson Mow remains a strong BTC supporter, doubting that the asset’s value could crash to $30K.
- Bitcoin’s price slumped after the recent ETF approvals but might head north following the upcoming halving.
Patience Might not be a Virtue
Samson Mow – CEO of the development studio Pixelmatic – claimed that many investors consider buying Bitcoin (BTC) if its price dips below $30,000. According to him, though, the primary cryptocurrency is not headed that low.
From what I’m hearing, a good amount of investors are thinking #Bitcoin will drop to the low $0.03M range and waiting to buy then. I think they’ll be disappointed.
— Samson Mow (@Excellion) January 22, 2024
Numerous BTC proponents commented below the post that one should not wait for a specific price to increase their exposure to the digital asset. Others suggested that investors with less knowledge would get scared if Bitcoin’s value plunged to $30K and would not enter the ecosystem at all.
Mow is known as a keen supporter of the cryptocurrency, recently envisioning that its value would reach the astonishing $1 million sooner or later. He thinks the potential astronomical rally could cause “max pain” to most people around the globe due to not hopping on the BTC bandwagon on time:
“8 billion people on this planet just missed the most important opportunity in their lifetimes to get into Bitcoin when it would’ve made a significant economic difference. They can now only work to earn BTC.”
Those willing to find out whether Bitcoin can jump to an all-time high this year, feel free to take a look at our dedicated video below:
Is BTC’s Rise Yet to Begin?
Bitcoin’s price climbed to a multi-year high of $49,000 on January 11 – a day after the US SEC finally gave the thumbs up on multiple spot BTC ETFs, including BlackRock’s application. Since then, though, the asset has headed south, reaching its current level of approximately $40,000 (per CoinGecko’s data).
The approved ETFs were just one fragment of all potentially bullish events that 2024 might offer. All eyes are now on the BTC halving (scheduled for April), which will slash the miners’ rewards in half. This reduces the supply, which could trigger a price rally for the asset (assuming the demand stays the same or increases).
The halving has historically been followed by record-breaking bull runs. Recall that Bitcoin exploded to an ATH of almost $70,000 in November 2021 (a year and a half after the miners’ rewards were last trimmed).
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