The crypto industry has seen a positive surge recently with Bitcoin price rising to ATH levels. The leading crypto has surged to new highs amid an ongoing growth spurt over the past week. Despite this impressive increase, CryptoQuant claims that BTC is far from its highest possible price. Samson Mow, a Bitcoin maximalist and CEO of the company JAN3, shares an optimistic outlook on the near future of the BTC price.
Samson Mow: “Seamless Bitcoin ATHs” are coming soon!
cryptokoin.comAs you follow from , Bitcoin broke record after record this week. Moreover, Samson Mow expects to see “uninterrupted Bitcoin ATHs” over the next few months. When asked about a BTC Omega candle, Mow said one of them has already arrived.
In his previous articles, Mow suggested that a Godzilla BTC candle would occur first. He then promised that an Omega candle would occur that would push Bitcoin closer to the $1 million level and then higher. Mow predicts this will happen very soon, unless Bitcoin reaches $1 million next year. Meanwhile, Mow says these big candles are usually close.
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 relative to its cost basis. The data platform says 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’ purchasing costs. He notes that this is evidence that the price is not overheating. However, with technical indicators showing the potential for another rally, the question remains whether growth will follow a linear trend.
Will the USA create a strategic BTC reserve?
In July, pro-crypto US senator Cynthia Lummis said the US should create a strategic Bitcoin reserve. According to him, such a BTC reserve will strengthen the country’s balance sheet. It will also serve as a store of value. According to this proposal, over the next few years the US government will purchase 200,000 BTC per year. Moreover, he will eventually earn and hold one million BTC without selling for at least 20 years. This number represents approximately 5% 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 November 6 that the United States needs such a strategic BTC reserve. Today, prominent Bitcoin supporter Anthony Pompliano also shared his support for this movement. He stated that if the US takes this risky step, it will trigger the emergence of a huge FOMO (fear of missing out) around the world. In this context, “It’s a global FOMO unlike anything we’ve seen before.” he said.
