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Samson Mow On Bitcoin Halving: Brace For Supply Shock, Omega Candle In Sight

Samson Mow On Bitcoin Halving: Brace For Supply Shock, Omega Candle In Sight
© Copyright Image: Crypto Breaking News

Samson Mow, the chief executive at Jan3, recently spoke to Forbes about the latest Bitcoin halving and its potential to catalyze what he refers to as the Omega candles significant price movements that could elevate Bitcoin to the $1 million mark.

According to Mow, halvings ensure a controlled distribution of Bitcoin, maintaining scarcity and value.

The Mechanics Of Halving And Its Market Implications

Samson Mow detailed in the interview with Forbes the mechanics behind Bitcoin halvingsa critical process built into Bitcoins framework by its creator, Satoshi Nakamoto.

This mechanism is designed to halve the block rewards given to miners every 210,000 blocks, or approximately every four years, reducing the reward by 50%.

So far, the most recent halving has reduced the reward for mining from 6.25 BTC to 3.125 BTC per mined block. However, initially, miners received 50 BTC per block.

Still, due to the halvings, this amount has decreased over time to manage inflation and extend the mining lifecycle of Bitcoins capped supply of 21 million coins. If not for these halvings, the total supply of Bitcoin would have already been mined.

In the same discussion, Mow highlighted the significant impact of newly approved spot-based Bitcoin ETFs, which received SEC approval earlier this year. He believes these ETFs, combined with the reduced block rewards from the halving, could precipitate a supply shock in the BTC market.

Mow further speculated on the occurrence of what he calls Omega candleslarge price movement events in the Bitcoin market.

He noted that even before the recent halving, the daily demand for Bitcoin was significantly outstripping supply, predicting these Omega candles as almost certain events due to their high volatility and substantial price changes.

Mow views these developments as marking the beginning of a new era for Bitcoin, coinciding with its next, or fifth, halving in the coming four years.

Bitcoin Bright Future And Market Performance

Regarding positive sentiment on Bitcoin, Geoff Kendrick of Standard Chartered also supports this bullish outlook, projecting substantial inflows into BTC akin to those experienced by gold with the advent of gold ETFs.

Kendrick suggests that the maturation of the spot ETF market could channel between $50 and $100 billion into BTC.

However, despite the post-halving price not reaching the anticipated heights, BTC has demonstrated resilience and potential for considerable growth. Meanwhile, analysts remain confident, predicting significant long-term value increases.

For instance, Michael Sullivans analysis suggests a possible reach of $245,000 by 2029 if BTC maintains a 30% compound annual growth rate, underlining the optimistic projections shared by several market experts.

This optimism is further supported by recent trends, including a 7.1% increase in Bitcoins price over the last week, which indicates a possible recovery on the horizon.

BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

Featured image from Unsplash, Chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

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Text source: Crypto Breaking News

Disclaimer: Financial information and news are not financial advice, read the disclaimer.
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