Bitcoin maximalist Samson Mow has predicted a significant rise in Bitcoin prices following the cryptocurrency’s recent surge past the $71,000 mark. According to Mow, CEO of the Bitcoin-centric company Jan3, this marks the beginning of what he calls the Omega Bitcoin candle, suggesting a period of high price volatility and substantial gains.
What Is the Omega Candle?
Mow describes the Omega candle as a crucial trading event characterized by major price fluctuations in Bitcoin’s value. His comments came after Bitcoin soared to its highest price since early April, exceeding $71,000. This surge is significant, reflecting a return to levels last seen on April 1 when Bitcoin peaked at $71,330.
The recent price increase follows a broader upward trend that began in March, driven by aggressive purchases of spot Bitcoin ETFs, which pushed Bitcoin to an all-time high of $73,750. The current rally, featuring a 6.05% rise in 24 hours, is also attributed to positive CPI data indicating weaker inflation in the US and continuous inflows into Bitcoin-tracking ETFs.
Why Is Bitcoin’s Price Increasing Now?
Michael Saylor, founder of MicroStrategy and a prominent Bitcoin advocate, also weighed in on Bitcoin’s price surge. Saylor noted that Bitcoin’s value, still below $80,000, has room for further growth. He previously predicted future price milestones, including $69,000, $89,000, and $90,000, with the next target being $89,000.
Under Saylor’s leadership, MicroStrategy has become a key player in the Bitcoin market. Since August 2020, the company has regularly invested its free cash in Bitcoin, amassing a substantial cryptocurrency portfolio. Currently, MicroStrategy holds 214,400 BTC, valued at over $7.5 billion. The company’s latest purchase was 122 BTC for $7.8 million in April.
Investment Insights
• Positive CPI data suggests weakening inflation in the US, boosting investor confidence.
• Continuous inflows into spot Bitcoin ETFs indicate strong institutional interest.
• MicroStrategy’s substantial Bitcoin holdings and regular investments show a long-term bullish stance.
• Mow’s Omega candle prediction suggests potential for high volatility and significant price gains.
• Investors should monitor price milestones like $89,000 as potential targets.
The positive sentiment in the Bitcoin market is bolstered by declining inflation in the US and persistent investment flows into Bitcoin ETFs. Mow’s Omega candle prediction and Saylor’s bullish outlook indicate the potential for further price increases. As Bitcoin surpasses the $71,000 threshold, confidence among Bitcoin investors and advocates grows, pointing to strong upward momentum and the possibility of new price peaks.