The expert explained such an optimistic forecast by a combination of high demand before the upcoming reduction in the supply of digital gold during halving. According to the Mou, this event is a key factor.

In addition, he noted significant capital inflows into spot bitcoin ETFs. According to the chief executive officer of JAN3, an increase in prices for the first cryptocurrency will lead to an increase in demand for it due to the Veblen effect.

On Wednesday, March 13, digital gold reached the $73,000 mark, after which the correction began. On the night of March 17, bitcoin dropped below the $65,000 level. At the time of writing, the first cryptocurrency is trading at $65,350.

The BTC/USDT price chart on the Binance exchange and the total capitalization of the digital asset market fell below the $2.6 trillion mark, according to CoinGecko data.

According to Coinglass, in the last 24 hours, the volume of liquidations reached $620 million, of which $532 million fell on long positions.

It is important to note that in December 2023, Mou predicted an increase in the price of the first cryptocurrency to the level of $1 million after the SEC approved the first US spot bitcoin ETF.

In January 2024, the head of ARK Invest, Katie Wood, predicted that bitcoin would reach $1.5 million by 2030. She cited the inflow of institutional funds into exchange-traded funds as the reason for the possible growth of the asset.