Latest Developments in the Crypto Industry
The crypto industry has gained significant momentum in recent times, with the price of Bitcoin reaching all-time highs (ATH). This increased the influence of the leading cryptocurrency in the markets. Bitcoin has reached new highs amid an ongoing growth spurt over the past week. But despite this impressive increase, CryptoQuant claims that Bitcoin’s current prices are still quite far from the highest possible levels.
Samson Mow’s Optimistic Predictions
Samson Mow, a Bitcoin maximalist and CEO of JAN3 company, has a very optimistic outlook for the near future of Bitcoin price. Mow expects Bitcoin’s price to see “uninterrupted Bitcoin ATHs” over the next few months. While this prediction creates excitement among many investors, the prediction that the “Godzilla BTC candles” and then the “Omega candles” that Mow mentioned in his previous articles will come true is noteworthy.
- Godzilla BTC Candle: Mow notes that one of these big candles has already happened. This means that the Bitcoin price will increase greatly.
- Omega BTC Candle: Mow believes that this candle, which will bring Bitcoin closer to the $ 1 million level, will occur in the coming period. He predicts that if Bitcoin does not reach $1 million next year, this event will occur very soon.
While Mow generally states that these large candles are close, they attract the attention of investors and also highlight the uncertainties about how the market dynamics will shape. This situation creates curiosity and excitement among Bitcoin investors.
CryptoQuant’s Market Analysis
CryptoQuant data does not mean that Bitcoin reaching the ATH level indicates that it is overvalued on a cost basis. The data platform states that the MVRV ratio proves that Bitcoin is still far from peak levels. This suggests that Bitcoin’s price is in an active exploration phase. Although almost 99% of traders are currently in profit, CryptoQuant states that the current price is close to investors’ purchasing costs. This is considered an indication that the price is not overheating.
However, uncertainty remains as to where Bitcoin’s growth trend will continue, with technical indicators pointing to the potential for another rally. Fluctuations in the cryptocurrency market always attract the attention of investors, and this can cause market dynamics to change rapidly.
US Proposal to Create a Strategic Bitcoin Reserve
In July, pro-crypto US senator Cynthia Lummis stated that the US should create a strategic Bitcoin reserve. According to him, such a BTC reserve would strengthen the country’s financial structure and also serve as a store of value. In line with this proposal, the US government is planned to purchase 200,000 BTC per year over the next few years.
Moreover, under this strategy, the government aims to hold these Bitcoins without selling them for at least 20 years and earn 1 million BTC in total. This amount represents approximately 5% of the total supply of 21 million BTC. Such a step has the potential to increase the value and reliability of Bitcoin.
MicroStrategy co-founder and chief executive officer Michael Saylor stated in a tweet on November 6 that the USA needs such a strategic BTC reserve. Additionally, prominent Bitcoin supporter Anthony Pompliano also supported this move, stating that if the US takes this step, it will trigger a massive FOMO (fear of missing out) around the world. “It’s global FOMO unlike anything we’ve seen before,” Pompliano said. he said.
As a result, Bitcoin and the overall cryptocurrency market are on the verge of major changes. Investors continue to watch carefully to evaluate the opportunities in front of them. Market dynamics and developments will play an important role in determining investment strategies.
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