CandleFocus Samson Mow on Bitcoin Crash: 'Supply Shock Is Coming'
2024-12-20
Author: Content Editor
This week, the cryptocurrency market experienced extreme price movements, with Bitcoin reaching an all-time high above $108,000 and dropping as low as $95,587.68. Despite top pro-Bitcoin firms accumulating large amounts of the cryptocurrency, Bitcoin prices still fell. Samson Mow addressed the question of why the price keeps falling even with increasing demand and limited supply, attributing it to market irrationality. He emphasized the impending "supply shock." With MicroStrategy making consistent Bitcoin purchases, traders tend to rebalance the pricing. Currently, the price of Bitcoin has dropped 3.54% in 24 hours to $95,243.24, and it is expected to test the strong support level around $95,000.
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