Analyst Claims Bitcoin Price is Unlikely to Drop Below $30k

Bitcoin’s drop below $40,000 has prompted speculation about its future price. However, Samson Mow, Chief Strategy Officer of Blockstream and CEO of Pixelmatic, believes that Bitcoin will not dip below $30,000 anytime soon. Mow bases his skepticism on the increasing interest from financial giants like BlackRock in the Bitcoin market.

Mow’s statement has sparked mixed reactions within the crypto community. Some investors are ready to buy more if the price drops, while others are more optimistic, believing that Bitcoin could eventually reach $1 million. However, Mow’s lack of a specific timeline for this prediction has led some to view his forecasts as metaphors rather than concrete predictions.

Mow clarified that his earlier prediction of Bitcoin reaching $1 million was made “for fun” to highlight changes in the market since the approval of spot Bitcoin ETFs. Regardless, his insights contribute to the ongoing discussion about Bitcoin’s future and its potential impact on the financial world.

In the past 24 hours, Bitcoin outflows were seen from Grayscale, with investors liquidating their holdings in Bitcoin ETFs. Grayscale experienced an outflow of 14,292 BTC, valued at around $565.84 million. On the other hand, eight spot Bitcoin ETF issuers collectively acquired 9,755 BTC, worth $386.24 million. Fidelity led the way with an inflow of 5,312 BTC, amounting to $210.33 million.

While the market remains uncertain, Mow’s belief in Bitcoin’s resilience is driven by the growing institutional interest in the cryptocurrency. Only time will tell if his optimism is justified.