Bitcoin to Face Godzilla, Then Omega Candles – Samson Mow Shares Crucial Reason

by

As a seasoned researcher with over two decades of experience in the financial markets, I must admit that the recent comments by Samson Mow, CEO of JAN3 and Bitcoin maximalist, have piqued my curiosity. The comparison of Bitcoin’s potential future growth to “Godzilla then Omega” candles is both intriguing and audacious.

Samson Mow, a Bitcoin advocate who serves as CEO of JAN3, which assists countries in adopting Bitcoin, has weighed in on today’s Bitcoin price climb surpassing $73,000.

He provided a key reason why Bitcoin is likely to continue going up, and he believes it is likely to do that in an aggressive manner.

“Godzilla, then Omega” Bitcoin candles

Mow asserted that he anticipates more significant, potentially aggressive increases in Bitcoin’s price, which could initially manifest as a “Godzilla” trend and ultimately result in what is known as an “Omega Bitcoin candle.

According to Mow, these are candles representing significant growth that we can expect in Bitcoin, which he believes will eventually push its price above $1 million. The primary reason behind this violent rise and the appearance of large green candles is that “Bitcoin has been tightly coiled,” as stated by JAN3’s CEO Mow.

Bitcoin’s prolonged and intense compression indicates that its future price movements will likely be quite dramatic, similar to the forceful actions of Godzilla or Omega. 🦕🌋

— Samson Mow (@Excellion) October 29, 2024

Over the past 24 hours, the world’s flagship cryptocurrency, Bitcoin, demonstrated a swift price lift, rising by 4.7% from the $69,900 level to touch the $73,200 line briefly. Today, the price reversed to show traders a 1.65% decline, pushing BTC to $71,980. Still, the last time Bitcoin was seen above $70,000 was June this year.

According to Quantum Capital Partners, three significant factors contributed to this sudden increase: an influx of resources into Bitcoin Exchange-Traded Funds (ETFs), monetary policies becoming more lenient in major economies, and anticipation surrounding the U.S. elections in November. The elections have become a key focus for Bitcoin enthusiasts as they eagerly await its outcome.

Bitcoin ETFs see mammoth daily inflows

Based on information from Chinese crypto journalist and blogger Colin Wu, it’s reported that daily inflows into Bitcoin spot ETFs reached an astonishing $870 million on October 29th. Leading the way was BlackRock’s IBIT with a significant $643 million, followed by Fidelity’s FBTC which received approximately $136 million.

currently, the total worth of Bitcoin ETFs stands at approximately $72.545 billion, accounting for about 5.07% of the entire Bitcoin market capitalization. This represents a new record high for these ETFs.

Yesterday saw the third-largest single day investment into Bitcoin ETFs on record. The largest secondary inflow was observed on March 12, amounting to an impressive $1.05 billion. The second highest occurred on June 4, with a massive $887 million being taken up by the ETFs.

Read More

2024-10-30 16:49