Samson Mow, a prominent Bitcoin supporter, has posed a speculative question: will Bitcoin’s price reach $1 million first, or will Michael Saylor’s company Strategy accumulate one million BTC? The firm recently purchased nearly 18,000 Bitcoin for approximately $1.28 billion, bringing its total holdings to over 738,000 BTC valued at more than $51 billion. Meanwhile, as Bitcoin’s price drops below $70,000, analysts at Amina Bank point to market signals suggesting a potential short-term relief rally.
The Bitcoin price has dipped below $70,000 again, creating divergent opinions among cryptocurrency users. Long-term believers maintain strong confidence in the digital asset’s ultimate value despite the current downturn.
Samson Mow, a notable BTC supporter, recently asked which milestone will occur first: Bitcoin reaching a $1 million price point or Strategy accumulating one million BTC. The current BTC price stands at approximately $70,000 according to market data.
Analysts believe Bitcoin might experience a short-term relief rally despite the recent price decline. Amina Bank Head of Derivatives Trading Andreja Cobeljic explained two constructive market signals in a note to Bloomberg. She stated “Bitcoin’s ‘near-term setup for a relief rally is more constructive than the headline environment would suggest.’”
The first signal is that BTC perpetual futures negative funding rates hit their lowest point in the past month. Historical data indicates this pattern can lead to price rebounds. The second signal shows large investors, or whales, have been buying BTC during recent market dips.
Strategy continues its aggressive Bitcoin accumulation strategy, unaffected by short-term price movements. The company recently acquired 17,994 BTC for approximately $1.28 billion, paying around $70,946 per Bitcoin. This purchase increased its total holdings to 738,731 BTC, which now exceeds $51 billion in value.
The firm needs to acquire roughly 300,000 more Bitcoin to reach its target of one million BTC. The speculative scenario presented by Mow pits Bitcoin’s potential rapid price appreciation against Strategy’s persistent buying pace.
