Bitcoin’s Next Breakout? Experts Say $200K Is Long Overdue
Despite the uncertain global economy and recent market shocks, experts in the cryptocurrency industry believe that Bitcoin is on the verge of a significant breakout that could surprise many investors.
Samson Mow, CEO of Jan3 and a long-time Bitcoin advocate, expressed his surprise that Bitcoin is still trading under $100,000. In a recent interview with Milkroad, Mow said, “We should have hit $200,000 already, and it shocks me every day that we’re not there yet.”
The current suppressed price action of Bitcoin is attributed to fear-driven market sentiment and a temporary liquidity crunch. While there are approximately 2 million active Bitcoin coins on exchanges, long-term holders, known as “hodlers,” continue to accumulate, reducing the overall circulating supply. This accumulation is tightening the “spring” behind Bitcoin’s eventual surge.
Historical precedent supports the possibility of a sudden upward move for Bitcoin. In 2017, Bitcoin rose nearly 17 times in less than a year, during a period of relatively calm global conditions. With the current economic instability, rising geopolitical tensions, trade wars, and currency devaluation, many believe that the conditions are even more favorable for another explosive rally.
There are other indicators pointing to an impending structural shift for Bitcoin. The hash rate, which is considered a leading signal of network strength and miner confidence, continues to climb and reach all-time highs. It is suggested that sovereign entities may now be involved in mining, driving the surge in computational power. This is possible due to access to free or excess energy resources.
This price-insensitive mindset is also influencing Bitcoin buyers. Corporations like MicroStrategy are accumulating Bitcoin regardless of short-term price fluctuations, reflecting their long-term belief in its store-of-value potential. The question now is whether this trend will spread to other companies and even nation-states.
Mow warned that once it becomes a race to print money to buy Bitcoin, “then all the gloves are off.”
With structural changes in mining, corporate accumulation, and growing sovereign interest, many analysts believe that Bitcoin is on the edge of another major run. It may reach beyond $200,000 sooner than most people expect.
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