Samson Mow, an early Bitcoin backer and CEO of the Bitcoin adoption-centric Jan3 company, recently shared on Reddit his prediction for when the significant price increase for Bitcoin, referred to as “Omega time,” may occur.
Additionally, he shared some thought-provoking insights about the upcoming Bitcoin halving, scheduled for this week.
Here’s when “Omega time” comes: Samson Mow
Bitcoin expert Samson Mow posted on Twitter that apprehension about unfavorable events in the Middle East led to a significant price decrease for Bitcoin last weekend. The value of Bitcoin dropped by over 13%, reaching the level of $63,240.
From that point up until Monday, Bitcoin managed to regain nearly 9% of its losses and reached a price of $66,635. Yet, another setback occurred, causing Bitcoin to dip by 5%, resulting in a current price of $63,280. Notably, this was the only asset that experienced such volatility as cryptocurrencies are the only ones traded over the weekend, according to Mow.
In simpler terms, Mow stated on Twitter that Traditional Finance markets have experienced fear today, but he thinks this is merely an exaggerated response. He further mentioned that once this passes, it will mark a significant opportunity for Bitcoin, which he refers to as “Omega time.”
Mow stressed Bitcoin halving’s importance
The boss at Jan3 emphasized the significance of the upcoming Bitcoin halving event. He described it as “the catalyst for a substantial decrease in supply.”
You know what the halving means though. You know it’s the spark of a massive supply shock. You’re tracking ETF inflows and demand. You’re aware of the HK ETFs coming.
You’re the lion accumulating #Bitcoin amidst a herd of sheep.
— Samson Mow (@Excellion) April 16, 2024
The influencer brought up an important point regarding the cryptocurrency world: since the SEC gave its green light in mid-January, spot Bitcoin ETFs have been buying massive quantities of Bitcoin, resulting in a significant increase in demand for the digital currency.
This week, he brought up the topic of approved Bitcoin-Etherum exchange-traded funds in Hong Kong for trading between Bitcoins and Ethereums.
According to Mow, there is confusion among markets regarding the impact of Bitcoin’s halving. Many market participants might be oblivious to this event, unsure if it will cause an increase or decrease in Bitcoin’s price. Some are concerned that miners may leave the business due to the reward decline, leading others to wait and see what unfolds.
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2024-04-16 13:43