$1 Million Bitcoin Advocate Samson Mow Names Key BTC Price Indicators
With the Bitcoin (BTC) price gradually reaching recovery mode, big proponent Samson Mow has shared a list of macro indicators that he is keeping tabs on for the major cryptocurrency.
Notable Bitcoin (BTC) indicators
Samson Mow shared a total of 10 indicators bordering key price outlook and macro events to watch out for. He named Bitcoin Spot Exchange Traded Fund (ETF) inflows as the first on the list. With the Bitcoin ETFs now trading in the U.S., more inflows might help cushion the erratic retail price sell-offs.
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.
These are the #Bitcoin macro indicators I’m looking at:
⬆️ ETF inflows
⬆️ Finex whale accumulation
⬆️ 200 WMA trend
⬆️ Tether USDt AUM
⬆️ Govt interest payments on debt
⬆️ Debt GDP ratios
⬆️ Nation-state Bitcoin adoption
⬆️ Real inflation
⬆️ M3 money
— Samson Mow (@Excellion) January 28, 2024
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.
Bitcoin price outlook
This macro indicator listing from Samson Mow is coming at a pivotal time, when Bitcoin’s price is worth $41,997.82 atop a 1.1% drop in 24 hours. While the coin has consolidated above the $41,000 level, it is yet to print such parabolic growth that will make it commensurate with the expectations from the spot Bitcoin ETF approvals.
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.