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Bitcoin maximalist Samson Mow predicted the Omega Bitcoin candle after the largest cryptocurrency surpassed the $71,000 threshold. Mow’s prediction indicates a significant rise is on the table.
Bitcoin and the Omega Candle
Mow, CEO of Bitcoin-focused company Jan3, described the Omega candle as a major trading candle accompanied by significant volatility in the price chart of the largest cryptocurrency. Mow’s comments came after Bitcoin reached its highest price level since early April, surpassing the $71,000 threshold.
The recent price increase of Bitcoin is significant as it marks a return to a level not seen since April 1, when it traded at a peak of $71,330. As known, the upward trend that started at the beginning of March led Bitcoin to reach an all-time high of $73,750 due to aggressive purchases of spot Bitcoin ETFs.
This latest recovery, with a 6.05% increase in just 24 hours, is also attributed to positive CPI data showing weakening inflation in the US and continuous inflows into Bitcoin-tracking exchange-traded funds for a week.
MicroStrategy’s founder and another prominent Bitcoin advocate Michael Saylor also commented on Bitcoin’s price increase. Saylor highlighted that Bitcoin’s current price is still below $0.08 million and expects further price increases. Previously, Saylor had hinted at future price milestones for Bitcoin, including $69,000, $89,000, and $90,000. With Bitcoin already surpassing the $69,000 level, Saylor’s predictions seem to be coming true, with the next target being $89,000.
As known, under Saylor’s leadership, MicroStrategy has become a significant player in the Bitcoin market. The company has regularly invested its free cash in Bitcoin since August 2020, creating a substantial cryptocurrency portfolio. Currently, MicroStrategy holds 214,400 BTC, worth over $7.5 billion in fiat currency. The company last purchased 122 BTC for $7.8 million in April.
Positive Sentiment in the Bitcoin Market
The positive sentiment in the Bitcoin market is supported by the latest CPI data showing a decline in inflation in the US and continuous investment flows into spot Bitcoin ETFs. These factors have increased optimism among Bitcoin maximalists like Mow and Saylor. Especially Mow’s Omega candle prediction indicates he expects significant price volatility and potentially another major price increase.
As Bitcoin continues to gain momentum, the next significant moves of the cryptocurrency market are closely monitored. Both Mow and Saylor remain bullish on Bitcoin’s future with new price peaks and increasing institutional investment expectations, while the return to the $71,000 threshold reinforces the confidence of Bitcoin investors and advocates, indicating strong upward momentum and potential for further gains.
