He provided a key reason why Bitcoin is likely to continue going up, and he believes it is likely to do that in an aggressive manner.
These are candles that will show extremely large growth, Mow believes, and will eventually lead Bitcoin above the $1 million price mark. The key reason why BTC is bound to rise violently and cause those massive green candles to appear is that “Bitcoin has been coiled so tightly,” per JAN3 boss Mow.
Over the past 24 hours, the world’s flagship cryptocurrency, Bitcoin, demonstrated a swift price lift, rising by 4.7% from the $69,900 level to touch the $73,200 line briefly. Today, the price reversed to show traders a 1.65% decline, pushing BTC to $71,980. Still, the last time Bitcoin was seen above $70,000 was June this year.
The key reasons for this abrupt surge, according to Quantum (NASDAQ:QMCO) Capital Partners, were the “robust inflow into Bitcoin ETFs” and “fresh monetary easing cycles across major economies.” Another major reason is a crucial new pivot in the upcoming U.S. elections in November. Many Bitcoiners are particularly looking forward to the outcome of that event.
Now, Bitcoin ETFs are holding $72.545 billion cumulatively, which is equal to a 5.07% of Bitcoin’s overall market value. This is a new all-time high for these ETFs to reach.
Yesterday, Wu says, it was the third largest daily inflow into Bitcoin ETFs in history. The highest secondary inflow was noticed on March 12 and comprised $1.05 billion. The second biggest one took place on June 4, with a whopping $887 million absorbed by the ETFs.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
