Crucial Bitcoin Value Statement Issued by Samson Mow Based on This Metric

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As a researcher with a background in cryptocurrency and finance, I find Samson Mow’s perspective on Bitcoin’s current value intriguing. His belief in Bitcoin being “incredibly undervalued now” based on his interpretation of the Omega Law is noteworthy, especially given his reputation as a Bitcoin maximalist and the CEO of a Bitcoin adoption-focused company.

Samson Mow, the CEO of JAN3 and a prominent advocate for Bitcoin, recently made a significant announcement regarding the cryptocurrency’s current worth.

I’ve witnessed an intriguing turn of events in the crypto market lately. Last night, Bitcoin regained the significant price level of $63,000, only to give it up today. Over the past 24 hours, Bitcoin’s value surged from $61,825 to a peak of $63,600, representing a nearly 3% increase. At present, I’m observing Bitcoin trading at $62,710.

Samson Mow’s BTC statement

As a dedicated Bitcoin investor and fervent supporter of its adoption, I’ve recently shared my perspective on the present worth of Bitcoin through a post on X social media platform, employing my unique evaluation methodology.

According to Omega Law, #Bitcoin is incredibly undervalued now.

— Samson Mow (@Excellion) July 1, 2024

Omega, referred to as Mow, expressed his conviction that Bitcoin is significantly underestimated at its current value based on “Omega candles.” The term “Omega candles” signifies a specific pattern in Bitcoin price charts that Samson anticipates will propel the cryptocurrency to reach $1 million within a relatively short timeframe. While this timeframe could span from the present year up until next year, according to his recent tweets, he is confident rather than vague when asserting that Bitcoin’s price surge towards $1 million is imminent.

Mow expressed in a recent interview that while Bitcoin may not hit the $1 million mark by 2024 or 2025, this timeline is still relatively near. His belief stems from the consistent accumulation of Bitcoin by spot Bitcoin ETFs since their approval from the SEC in mid-January.

Among the listed companies, which included BlackRock, Fidelity, VanEck, and Grayscale, their creation of Bitcoin ETFs caused a significant increase in demand for Bitcoin. Simultaneously, the fourth Bitcoin halving on April 20 introduced a supply constraint, leading to an imbalance between demand and supply. According to Mow’s earlier tweets, this intersection of demand and supply shocks could potentially push the Bitcoin price above $1 million.

During the past weekend, Mow expressed his views on the current Bitcoin transactions. He is confident that the market has the capacity to handle and process all these sales.

Ethereum ETFs awaiting approval

Companies that had previously applied have since sought approval from the SEC for Ethereum-based spot exchange-traded funds (ETFs). The regulatory body granted its initial approval toward the end of May, with the final decision anticipated this week on July 2. Members of the crypto community are eagerly awaiting this announcement, as they had before the SEC allowed Bitcoin ETF trading.

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2024-07-01 18:05