Bitcoin Can Rally to $100,000 by May – Samson Mow

Bitcoin (BTC) lost value on February 26, failing to hold on to $50,000. Still, the industry has full confidence in the largest digital currency.

Samson Mow, CSO of blockchain technologies provider Blockstream, suggested that Bitcoin will see a new all-time high (ATH) soon.

In his February 26 post, Mow stated that Bitcoin is constantly changing hands and moving from weak hands to strong hands.

For some, the correction in the price of Bitcoin in the past five days wasn’t seen as worrisome but rather as an opportunity for institutional investors to buy.

For example, on February 23, financial services giant, Square announced investing another $170 million in Bitcoin. According to the company, the purchase represents about 5% of its estimated $4.4 billion cash reserves.

In addition, business intelligence giant MicroStrategy, a leading institutional Bitcoin investor, also bought $1 billion worth of BTC. The company’s total BTC reserves exceeded 90,000 after this acquisition.

In his response to a Twitter user who asked if it’s possible to see Bitcoin at $100,000 in May, Mow answered by saying “this is very possible.”

Mow is not the only person who thinks the Bitcoin bull market will continue. Blockstream CEO Adam Back also pointed out that institutional investors are continuing to buy BTC and cautioned those who sell Bitcoin for less than $50,000.

Mow is not the only name that has positive predictions about Bitcoin. Fundstrat Co-Founder, Tom Lee made a similar statement in his February 23 post, claiming that the Bitcoin price is targeting $100,000

Moreover, the US-based cryptocurrency exchange, Kraken shared a chart of the stock-flow model of the famous analyst PlanB in its January 25 post. According to the chart, the Bitcoin price should reach $85,000 approximately one year after the halving in May 2021, and that it will be at a point between $100,000 and $288,000 by the end of the year.

At the time of writing, Bitcoin, which has lost 4.25% in the last 24 hours, is trading at $46,743.

If you have any questions and comments on Bitcoin today, use the form below to reply.


© MarkStevenson for Commodity News, 2021. | Permalink | No comment |
Published under: Bitcoin, Forecasts

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