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Samson Mow, Bitcoin maximalist and chief executive officer at Bitcoin adoption-oriented company Jan3, has tweeted that chances for Bitcoin printing a giant Omega candle on charts have drastically increased.

If there are no Godzilla candles on the horizon, then the chances for an Omega candles are getting bigger, according to his X post. Mow believes that “the Bitcoin coil” is becoming “super compressed” now. Therefore the longer a Godzilla candle is missing, “the more likely it is to get an Omega.”

One of the commentators jestingly asked him if she should be ready to going to sleep with Bitcoin trading at $70,000 and then waking up to BTC hitting $200,000. The $1 million per Bitcoin believer Mow responded to that “yes.”

Bitcoin FOMO and greed spike

Recent report published by the Santiment on-chain data aggregator has revealed that the flagship cryptocurrency Bitcoin plunging below $67,000 on Thursday for the second time this week has resulted in the second biggest surge in crowd Bitcoin buying interest over the past sixty days – FOMO (“fear of missing out”) and greed are on the rise now, Santiment concluded. 

The report suggests two possible scenarios of how BTC and traders behave after that. The first one assumes that the Bitcoin price skyrockets and traders will start jumping on to this bandwagon hoping that BTC will continue ascending as it happened in late May.

The second possible scenario is that the Bitcoin price goes down sharply and traders start buying in hopes that BTC will recover fast after that dip. This scenario played out on June 13, the report reminded.

Bitcoin market performance

For the second time this week, Bitcoin has plunged below $70,000. The first price drop was witnessed on Monday when the major cryptocurrency took a 5.5% dive into the $66,200 zone. That plunge was followed by a price surge that took BTC back to the $70,000 line.

Then between Wednesday and Thursday, Satoshi Nakamoto’s brainchild went back down, losing 5.11% and falling to $66,415. By now, Bitcoin has printed a small recovery, rising by less than one percent. At the time of this writing, BTC is changing hands at $66,930 on the Bitstamp exchange.