Bitcoin advocate and Jan3 CEO Samson Mow has identified a number of macroeconomic indicators that could point to an impending Bitcoin rally. Mow focuses on exchange-traded inflows (ETF), Bitcoin's hashrate, and whale activity on popular exchanges like Bitfinex.
The CEO on January 3 also mentioned the 200-week moving average (WMA) when forecasting Bitcoin's performance. The most recent data that Cypherpunk has on
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This is a great alpha from @Excellion. You can see for yourself that whales are accumulating #Bitcoin on #Bitfinex. Decide what you want to do with this information. 🚀 https://t.co/IHjrqUvrDn pic.twitter.com/FS518AIYoz
— CYPHERPUNK (@cypherpunkstore) January 29, 2024
More comprehensive economic indicators
Mow also looks beyond crypto-specific data and considers global economic factors such as Tether's USDT assets under management, government debt payments and debt-to-GDP ratios. The Bitcoin proponent believes that these factors, along with nation-state adoption of Bitcoin, real inflation rates, and the M3 money supply, could profoundly influence Bitcoin's performance.
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These are the #Bitcoin macro indicators I'm looking at:
⬆️ ETF inflows
⬆️ Hashrate
⬆️ Accumulation of Finex whales
⬆️ 200 WMA trending
⬆️ Tether USDt AUM
⬆️ Government interest payments on debt
⬆️ Debt to GDP ratios
⬆️ National adoption of Bitcoin
⬆️ Real inflation
⬆️ M3 money
— Samson Mow (@Excellion) January 28, 2024
Notably, Samson Mow has stuck to its ambitious forecast for BTC, maintaining a $1 million price target for the cryptocurrency. Mow recently warned of the potential “maximum pain” that accompanies Bitcoin’s rapid rise to this monumental valuation.
Additionally, Mow recently hinted that this significant price milestone could occur relatively quickly, perhaps within days or weeks. However, according to the CEO of Jan3, the starting point for this potential increase is “TBD” (to be announced).
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My main prediction is that the increase to $1 million will occur within days or weeks. The starting point will be announced later.
— Samson Mow (@Excellion) January 14, 2024
Latest Bitcoin development and prediction
Despite a recent dip below $39,000 last week, BTC has seen a slight increase, with an increase pushing the price above $42,000. Although this recovery is small, it is in line with the optimistic forecasts of various analysts and experts, including Samson Mow.
BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com
The founder of SkyBridge Capital, Anthony Scaramucci, also joined the chorus with an optimistic forecast for Bitcoin. Scaramucci’s analysis suggests a potential 300% increase in Bitcoin’s value post-halving, with a long-term price target of $400,000.
His estimates based on historical data and market trends suggest that the peak bullish phase for BTC could occur around 18 months after the halving. These predictions are further supported by recent developments in Bitcoin ETFs, including the filing of the first-ever Bitcoin spot ETF in Hong Kong, indicating growing institutional interest in BTC.
Featured image from Unsplash, chart from TradingView
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