A veteran of the Bitcoin ecosystem says BTC is entering a phase where extreme price impulses will normalize upwards.
In a new interview on the Block Rewards podcast, Samson Mow says BTC is almost ready to move from printing “god candles” – $10,000 daily moves – to “omega candles” representing $100,000 daily moves.
Mow notes that in some countries with much weaker currencies than the USD, omega candles are already happening regularly.
“The world is going to change. I think after $100,000 everything starts to speed up and get faster.
So after $100,000 we don’t look at $500 candles anymore. A $1,000 candle in one day is already kind of normal in terms of volatility, and I think the next step from that is the $10,000 and $100,000.
A few weeks ago we almost had a god candle. I think we were up $9,000 that day. But $100,000 is the next step. Once we start properly diving into Bitcoin’s higher ranges.
But it just shows you that the fiat system doesn’t really make sense anymore, because an omega candle is nothing in terms of fiat money. Just like the debt increases by a few omega candles every day – a lot of omega candles a day, but no one blinks an eye at that.
There is a gap between the fiat monetary system, where that has been normalized. It’s growing very fast and at ridiculous rates, but it’s normal. But when you talk about Bitcoin, people say, ‘Wow, that’s crazy.’ But that’s not it at all.
So the omega candle is just a big increase in the Bitcoin price.
And the interesting thing is that we already see omega candles in countries with weaker fiat currencies: Egypt, Turkey, even Argentina, it’s normal. Omega candles every day.”
At the time of writing, Bitcoin is trading at $96,126.
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