By Nathan Ferguson
The skilled Bitcoin specialist has apparently predicted that Bitcoin will manage to cross $100k in price valuation once the selling pressure from the region of China starts to reduce.
Mow’s Prediction
Bitcoin specialist, Samson Mow has registered a bold prediction under his name, stating that the crypto king, Bitcoin will successfully manage to overcome the $100k price valuation barrier, when the selling load from the country of China starts to reduce in the coming year of 2022.
Since Bitcoin first successfully managed to record an impressive high of $69,000 on the price charts, the entire cryptocurrency market has been experiencing a rough state, mainly because of activity in the Asian continent, especially in the country of China.
Selling Load in China
During a scheduled interview, held on the 20th of December, Samson Mow stated that there is still quite a lot of selling load coming from the region of China, and as a result, the crypto market must suffer drastic blows, as crypto-based companies are forced to leave the country in order to follow the orders of the Chinese government that has issued a ban on all cryptocurrency activities that include both trading and mining.
Samson specifically referred to companies such as Binance and Huobi Global, known to be the largest crypto exchanges around the world, having been forced to close all their overlay system services in the region of China, given a time limit of ten days before strict action to be taken.
Bad Year for Crypto
China had already banned cryptocurrency-related trading back in 2019, but users did not stop and continued their trading activities using the internet, by utilizing services provided by international firms. However, this year has been one of the harshest years for cryptocurrency traders in the region of China, as there has been a significant crackdown by the government, which is still in motion, as mentioned above.
Many crypto analysts had already predicted Bitcoin’s price to cross $100k in value this month, but the surprise Chinese crackdown completely decimated all those hopes and dreams.
Another reason could be people wanting hard cash in order to prepare for the Chinese New Year celebrations, but that doesn’t have much of a significant effect on the overall downfall of the crypto market.
Money Coming Back
After analyzing pricing trends, Mow has predicted significant price changes for Bitcoin in the coming time, stating that most of the Chinese money that has left the crypto market in recent times will eventually make its way back into the crypto market, thus resulting in market development and price changes.