Bitcoin Price Surge Exceeds $73,000

Samson Mow, CEO of JAN3 and a Bitcoin maximalist, commented on Bitcoin's recent price surge above $73,000. He predicts aggressive further increases in Bitcoin's value.

"Godzilla, then Omega" Bitcoin Candles

Mow expects Bitcoin’s upward trajectory to be extremely volatile, predicting it will first exhibit what he calls a "Godzilla" candle, followed by an "Omega" candle. He believes these will indicate significant growth, potentially pushing Bitcoin beyond $1 million. The reason for this anticipated rise is that Bitcoin is currently in a tightly coiled state.

In the last 24 hours, Bitcoin climbed 4.7% from $69,900 to $73,200 before retracing to $71,980, marking a decline of 1.65%. This is notable as Bitcoin last exceeded $70,000 in June.

Reasons for the Surge

Quantum Capital Partners attribute this price surge to substantial inflows into Bitcoin ETFs and new monetary easing from major economies. The upcoming U.S. elections in November also play a significant role in market sentiment.

Bitcoin ETFs Experience Extraordinary Inflows

According to crypto journalist Colin Wu, daily inflows into spot Bitcoin ETFs on October 29 totaled $870 million, with BlackRock's IBIT leading at $643 million and Fidelity’s FBTC at $136 million. Bitcoin ETFs now hold $72.545 billion, representing 5.07% of Bitcoin's total market value, marking a new high. This daily inflow was the third-largest in history, following two larger days earlier this year.

This article was originally published on U.Today.