Samson Mow’s core projection for the BTC price to touch $1 million someday hinges on the capital inflow into spot Bitcoin ETF products. Beyond this, he noted that the network hashrate is also worth watching. With this metric cruising to a new high in recent times, higher growth is expected ahead of the next halving event.
Next on his list is the Finex whale accumulation metric and the 200 WMA trend. Surprisingly, he listed the Tether (USDT) Asset Under Management (AUM) as an essential indicator to watch as the stablecoin forms the key liquidity base for the coin.
Besides these on-chain indicators, Samson Mow also named the government’s interest payments on debt, the Debt GDP ratios, nation state Bitcoin adoption, real inflation and M3 Money. All of these indicators have a convergence point to influence the BTC price outlook in the long term.
At the current price level, Bitcoin is now down 38.9% from its all-time high (ATH) of $68,789.63. To proponents like Samson Mow, the forthcoming halving event will complement the spot BTC ETF products to help revive the price of Bitcoin in the most dramatic way ever.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
