Following the approval and launch of the spot Exchange Traded Fund (ETF) tracking the product, there is a significant amount of attention being paid to the price of Bitcoin (BTC) at the present time.
Samson Mow, a market analyst and the head of the investing business Jan3, has predicted that the price of Bitcoin would reach $1 million over the next few days or weeks. This prediction is in line with his previous positive forecast for the top coin. Mow's prediction comes in light of the fact that the digital currency is anticipated to profit from the creation of the spot Bitcoin ETF.
On his official X account, Samson Mow said Max Pain Theory is still in play for Bitcoin, sparking discussion. Upstox defines the Max Pain Theory as "on expiry day, the price of the underlying index/stock moves toward a point that results in maximum loss (pain) to the highest number of options buyers." Option sellers also lose less.”
Here, high-value Bitcoin holders force the selloff to make buying viable. The spot Bitcoin ETF emergence was a "sell the news" event last week when Grayscale Bitcoin Trust (GBTC) shares were withdrawn, lowering the coin's price to $42,460.16.
Despite the fact that Samson Mow is hopeful that the price of one million Bitcoin (BTC) will become a reality, the beginning point will be set at a later date.
The current price of bitcoin is $42,788.46, which is a decrease of 3.24% over the course of the last twenty-four hours. Additionally, the market capitalization of bitcoin has decreased to $838,531,752,412.
Mow is hopeful that there will be a tremendous flood of cash into Bitcoin, relying on the enormous capital base of the important participants in the market, which includes investors like as BlackRock Inc., Fidelity Investments, and VanEck, amongst others.
As soon as trading began, the spot Bitcoin ETF product got off to a strong start, which sparked the hope that it will attract more widespread usage in the medium to long term. As a result, this price estimate from Samson Mow and others was validated.