The crypto industry has seen a positive surge in recent times with Bitcoin price surging to ATH levels. The leading crypto has surged to new highs amid the continued growth spurt over the past week. Despite this impressive surge, CryptoQuant claims that BTC is far from its highest possible price. Samson Mow, a Bitcoin maximalist and CEO of JAN3, shares an optimistic outlook on the near future of the BTC price.
Samson Mow: ‘Non-stop Bitcoin ATHs’ are coming soon!
As you follow from Kriptokoin.com, Bitcoin has broken record after record this week. Moreover, Samson Mow expects to see ‘non-stop Bitcoin ATHs’ over the next few months. When asked about a BTC Omega candle, Mow said that one of them has already arrived.
In his previous writings, Mow first suggested that a Godzilla BTC candle would materialise. He then promised an Omega candle that would take Bitcoin closer to the $1 million level and then higher. Mow predicts that this event will happen very soon, unless Bitcoin reaches $1 million next year. Meanwhile, Mow says that usually these big candles are imminent.
CryptoQuant: Bitcoin is still far from peak levels!
According to CryptoQuant data, Bitcoin’s rise to the ATH level does not mean that it is overvalued on a cost basis. The data platform says that the MVRV ratio proves that Bitcoin (BTC) is still far from peak levels. This means that the cryptocurrency is in the active price discovery phase.
Almost 99% of traders are currently in profit. However, CryptoQuant implies that the price is close to investors’ purchase costs. He states that this is proof that the price is not overheating. However, with technical indicators showing the potential for another rally, the question remains whether the growth will follow a linear trend.
Will the US create a strategic BTC reserve?
In July, pro-crypto US senator Cynthia Lummis said that the US should create a strategic Bitcoin reserve. According to her, such a BTC reserve will strengthen the country’s balance sheet. It will also serve as a store of value. According to this proposal, in the next few years, the US government will purchase 200,000 BTC per year. Moreover, it will eventually earn and hold one million BTC without selling for at least 20 years. This number represents about 5 per cent of the total BTC supply of 21 million.
Michael Saylor, co-founder and chief executive officer of the MicroStrategy giant, said in a tweet on 6 November that the US needs such a strategic BTC reserve. Today, prominent Bitcoin supporter Anthony Pompliano also shared his support for this move. He stated that if the US takes this risky step, it will trigger the emergence of a major FOMO (fear of missing out) worldwide. In this context, he said, ‘It’s a global FOMO unlike anything we’ve seen before.’
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