Samson Mow, Bitcoin maximalist and chief executive officer at Bitcoin adoption-oriented company Jan3, has tweeted that the chances of Bitcoin printing a giant Omega candle on the charts have drastically increased.
If there are no Godzilla candles on the horizon, then the chances for Omega candles are increasing, according to his X post. Mow believes that “the Bitcoin coil” is becoming “super compressed” now. Therefore, the longer a Godzilla candle is missing, “the more likely it is to get an Omega.”
The #Bitcoin coil is super compressed now. The longer we go without a Godzilla candle, the more likely it is to get an Omega.
— Samson Mow (@Excellion) June 13, 2024
One of the commentators jestingly asked him if she should be ready to go to sleep with Bitcoin trading at $70,000, and then waking up to BTC hitting $200,000. The $1 million per Bitcoin believer Mow responded “yes” to that.
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Bitcoin FOMO and greed spike
A recent report published by the Santiment on-chain data aggregator has revealed that the flagship cryptocurrency, Bitcoin, plunging below $67,000 on Thursday for the second time this week has resulted in the second biggest surge in crowd Bitcoin buying interest over the past 60 days – FOMO (“fear of missing out”) and greed are on the rise now, Santiment concluded.
The report suggests two possible scenarios of how BTC and traders should behave after that. The first one assumes that the Bitcoin price skyrockets and traders will start jumping on this bandwagon, hoping that BTC will continue ascending, as occurred in late May.
The second possible scenario is that the Bitcoin price goes down sharply and traders start buying in hopes that BTC will recover quickly after that dip. This scenario played out on June 13, the report reminded everyone.
🤑 Bitcoin's second stop below $67K Thursday resulted in the 2nd largest spike in crowd $BTC buying interest in the past 2 months. FOMO and greed comes in two ways:1) Price erupts and traders want to jump in with hopes of prices continue climbing (as we saw on May 20th)2)… pic.twitter.com/44O8Y3kSiD
— Santiment (@santimentfeed) June 14, 2024
Bitcoin market performance
For the second time this week, Bitcoin has plunged below $70,000. The first price drop was witnessed on Monday, when the major cryptocurrency took a 5.5% dive into the $66,200 zone. That plunge was followed by a price surge that took BTC back to the $70,000 line.
Then, between Wednesday and Thursday, Satoshi Nakamoto’s brainchild went back down, losing 5.11% and falling to $66,415. By now, Bitcoin has printed a small recovery, rising by less than one percent. At the time of this writing, BTC is changing hands at $66,930 on the Bitstamp exchange.