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Chances of Waking Up to $200,000 BTC Grow Higher – Samson Mow
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Samson Mow, Bitcoin maximalist and CEO of Bitcoin adoption-focused company Jan3, tweeted that the chances of Bitcoin printing a giant Omega candle on the charts have increased dramatically.
If I’m not here Godzilla candles on the horizon, so the possibilities for Omega candles increase, according to his post X. Mow believes that “the Bitcoin coil” is getting “super compressed” now. Therefore, the longer a Godzilla spark plug is missing, “the more likely you are to get an Omega.”
THE #Bitcoin the coil is now super compressed. The longer we go without a Godzilla spark plug, the more likely we are to get an Omega.
— Samson Mow (@Excellion) June 13, 2024
One commenter jokingly asked if she should be ready to go to sleep with Bitcoin trading at $70,000, only to wake up with BTC hitting $200,000. Mow, a $1 million Bitcoin believer, responded “yes.”
Related
Bitcoin FOMO and peak greed
A recent report published by on-chain data aggregator Santiment revealed that the flagship cryptocurrency, Bitcoin, plummeting below $67,000 on Thursday for the second time this week prompted the second-largest crowd surge Bitcoin buying interest in the last 60 days – FOMO (“fear of missing out”) and greed are on the rise now, Santiment concluded.
The report suggests two possible scenarios for how BTC and traders should behave next. The first assumes that the price of Bitcoin will skyrocket and that traders will start jumping on this bandwagon, hoping that BTC will continue to rise, as it did in late May.
The second possible scenario is that the price of Bitcoin drops sharply and traders start buying in the hope that BTC will quickly recover after that drop. This scenario occurred on June 13, the report reminded everyone.
🤑 Bitcoin’s second stop below $67,000 on Thursday resulted in its second-largest spike in inflows $BTC purchasing interest in the last 2 months. FOMO and greed present themselves in two ways:
1) Prices explode and traders want to intervene with the hope that prices will continue to rise (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 fell below $70,000. The first price drop was observed on Monday, when the leading cryptocurrency plummeted by 5.5% to the $66,200 zone. This collapse was followed by a price surge that brought BTC back to the $70,000 mark.
Then, between Wednesday and Thursday, Satoshi Nakamoto’s brainchild returned to the downside, losing 5.11% and falling to $66,415. By now, Bitcoin has seen a small recovery, rising less than 1%. At the time of writing, BTC is changing hands at $66,930 on the Bitstamp exchange.