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Samson Mow, Bitcoin maximalist and chief executive officer at the JAN3 company focused on helping nation-states to adopt BTC, has commented on today’s BTC price surge above the $73,000 level.
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 stated that expects further inevitable ascending moves of Bitcoin to be “extremely violent” and eventually lead first to the appearance of a Godzilla and then to an Omega Bitcoin candle.
These are candles that will show extremely large growth, Mow believes, and will eventually lead Bitcoin above the $1 million price mark. The key reason why BTC is bound to rise violently and cause those massive green candles to appear is that “Bitcoin has been coiled so tightly,” per JAN3 boss Mow.
#Bitcoin has been coiled so tightly and for so long that the moves up are going to be extremely violent.
— Samson Mow (@Excellion) October 29, 2024
Godzilla then Omega. 🦎♎️
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.
The key reasons for this abrupt surge, according to Quantum Capital Partners, were the “robust inflow into Bitcoin ETFs” and “fresh monetary easing cycles across major economies.” Another major reason is a crucial new pivot in the upcoming U.S. elections in November. Many Bitcoiners are particularly looking forward to the outcome of that event.
Bitcoin ETFs see mammoth daily inflows
According to the data shared by Chinese crypto journalist and blogger Colin Wu, on Oct. 29, total daily inflows into spot Bitcoin ETFs surged to a mind-boggling $870 million, with BlackRock’s IBIT leading here with $643 million and Fidelity’s FBTC seeing $136 million coming in.
Now, Bitcoin ETFs are holding $72.545 billion cumulatively, which is equal to a 5.07% of Bitcoin’s overall market value. This is a new all-time high for these ETFs to reach.
Yesterday, Wu says, it was the third largest daily inflow into Bitcoin ETFs in history. The highest secondary inflow was noticed on March 12 and comprised $1.05 billion. The second biggest one took place on June 4, with a whopping $887 million absorbed by the ETFs.