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Crucial Bitcoin Statement Issued by Samson Mow: ‘Supply Will Never Meet Demand’

Crucial Bitcoin Statement Issued by Samson Mow: ‘Supply Will Never Meet Demand’

Samson Mow, chief at Jan3, made a bullish Bitcoin statement on his X/Twitter account to address the cryptocurrency community.

He noted that as the world’s leading crypto, Bitcoin, has been climbing up over the past few days, the Bitcoin bears who have been predicting BTC to drop far below $40,000 have gone silent. In the meantime, Bitcoin has surged above the $47,000 level.

Bitcoin buyers will be insatiable, Mow hints

The Jan3 boss believes that when it comes to Bitcoin, a supply shock will never meet the demand shock, according to his recent tweets, meaning the supply decline after the approaching Bitcoin halvening. This time, Mow also tweeted that Bitcoin “supply will never meet demand.”

The halvening is expected in the middle of April, and it will see miners’ rewards drop by half; if now the amount of Bitcoin produced daily is 900 BTC, then after the halving it will be reduced to only 450 BTC and then to 225 BTC after the next halving in 2028, and so on.

Samson Mow also pointed out that all those bears who stated that Bitcoin was going to drop into the $30,000 range ($0.03 million, as he calls it) have gone “awfully quiet” now.

What happened to all the bears that said #Bitcoin was going to drop to the low $0.03M range? Awfully quiet now.

— Samson Mow (@Excellion) February 8, 2024

Bitcoin breaks above $47,000

Bitcoin received momentum in the middle of January, when the Securities and Exchange Commission regulator finally approved the spot-based Bitcoin ETF for 11 Wall Street companies, including BlackRock, Fidelity, VanEck, Grayscale and Ark Invest.

These companies started acquiring Bitcoin aggressively, apart from Grayscale, which began selling it due to the forced FTX liquidations. During the first few weeks, these ETFs accumulated more than $1.8 billion worth of Bitcoin.

The Bitcoin price has been increasing gradually, and today it managed to break above the $47,000 level.

Over the past two days, the global flagship currency has surged by more than 10%, now exchanging hands at $47,360. Prominent cryptocurrency analyst Michael van de Poppe believes that this is the start of a bull cycle, which will drive Bitcoin toward $250,000 per unit and even higher.

#Bitcoin above $47,000.

The range is still clear, $48,000-50,000 as a potential high for the upcoming period, but given the recent strength, we might see $53,000-55,000 pre-halving.

— Michaël van de Poppe (@CryptoMichNL) February 9, 2024

The same analyst also reckons that BTC is likely to advance into the $48,000-$50,000 range further. As for the prehalving period, Poppe believes that “we might see $53,000-$55,000.”