Bitcoin Nears New High as Supply Drains Rapidly, Suggesting Limited Availability: Samson Mow

Key Points

1. Bitcoin's price surged to $118,403, climbing over 6.6% in 24 hours, with an 'Omega candle' signaling strong buying pressure and market conviction.

2. Institutional investors, including Bitcoin treasury companies and ETFs, are aggressively acquiring BTC, tightening supply and driving appreciation.

3. Market influencers like Samson Mow and Michael Saylor highlight the unexpected magnitude of Bitcoin's price jump, expressing optimism for further milestones.

4. Bitcoin currently trades just below its peak at ~$117,850, with a projected $1,000,000 valuation as institutional inflows sustain upward momentum.

5. The rapid depletion of Bitcoin supply and institutional demand are key drivers of scarcity, intensifying competition and supporting bullish market trends.