Bitcoin rockets to $68,770, bull’s eye new all-time highs! Exciting times are ahead as Bitcoin hits its highest peak of 2024, reaching $68,770. With whale investors ramping up buying pressure in the last 5 days, could this be the breakthrough we’ve been waiting for? Will BTC maintain its momentum and surge past $70,000?
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Samson Mow, CEO of Jan3 and a vocal Bitcoin advocate, recently weighed in on Bitcoin’s surge above $68,000. Mow’s company focuses on promoting Bitcoin adoption by nation-states, with Mow himself being instrumental in El Salvador’s adoption of Bitcoin as legal tender in 2021.
The Path to $1 Million is Clear; Here’s How!
Mow took to Twitter to express his bullish sentiment, he is confident that Bitcoin’s price could indeed go higher. He is known for his belief that Bitcoin could eventually reach $1 million, citing factors such as excessive money printing by the U.S. government and the soaring national debt.
In this bullish phase, Mow is more confident and believes that the ambitious target for Bitcoin—$1 million will come true. He reasons it with real facts from the chart, Bitcoin’s path to $1 million may involve what he calls “omega” and “god” candles on the daily chart. A “god” candle refers to a $10,000 increase in Bitcoin’s price, while an “omega” candle represents a $100,000 surge. He suggests that a “god” candle would precede an “omega” candle, leading Bitcoin toward the million-dollar mark.
Mow’s Perspective on Bitcoin Supply
Mow also points to the supply and demand dynamics of Bitcoin, highlighting the significant inflow of institutional funds into Bitcoin through spot Bitcoin ETFs. These ETFs have been acquiring substantial amounts of Bitcoin weekly, with BlackRock’s iShares fund surpassing $10 billion in holdings. Plus, Mow underscores the upcoming Bitcoin halvening event as a bullish factor for Bitcoin’s long-term price appreciation.
During a Bitcoin halving event, the price tends to experience volatility, with fluctuations leading up to and following the event. Historically, there’s often a buildup in price anticipation before the halving, followed by a period of adjustment and potential price correction afterward. However, the overall trend in the long term has been positive, with Bitcoin’s price typically increasing over time, although past performance is not indicative of future results.
Market Dynamics and Macroeconomic Trends
Each of these factors plays a role in shaping the outlook for Bitcoin’s price, reflecting a combination of market dynamics and macroeconomic trends. Understanding these indicators can provide a more comprehensive view of Bitcoin’s potential growth and stability.
