Bitcoin (BTC) has witnessed a significant rally in 2024, starting the year at $42,208 and surging to a new all-time high of $73,737 on March 14. However, as the Bitcoin halving approaches in just one month, the price of BTC has experienced a retracement of over 16%, despite reaching a new all-time high earlier this month.
In an interview with CoinTelegraph, Samson Mow, the CEO of Jan3, a technology company focused on expanding Bitcoin access globally, has long predicted a strong upward price momentum for Bitcoin. Mow remains confident that Bitcoin will surpass its previous all-time high, stating that it is likely to reach $100,000 before the Bitcoin halving. He attributes this prediction to the voracious demand from exchange-traded funds (ETFs) that consume approximately 7,000 coins per day, highlighting the scarcity of available coins.
When asked about the relationship between Bitcoin and the broader crypto market, Mow believes that Bitcoin will eventually decouple from other cryptocurrencies due to the massive inflows from ETFs. With daily inflows ranging between $500 million to $1 billion, Bitcoin benefits from a vast pool of capital that other cryptocurrencies lack. While smaller cryptocurrencies may track Bitcoin’s performance for a certain period due to their lower liquidity, Mow believes they will eventually lose momentum and be left behind.
Mow also points out the common occurrence of founders and insiders propping up the prices of other cryptocurrencies before ultimately buying Bitcoin, leaving retail buyers holding the bag. The Bitcoin halving is expected to occur on April 20, in about a month from now. Historically, the price of Bitcoin has rallied significantly following the halving.