Bitcoin’s price trajectory may be suppressed ahead of its upcoming “omega candle” rally, according to Prince Filip Karađorđević, the hereditary prince of Serbia and Yugoslavia.
In an April 24 interview with Simply Bitcoin, Filip said some market participants may be limiting Bitcoin (BTC) price action.
“People are able to control the market to some extent,” he said. “Maybe that’s what acted on the 2021 market that suppressed its price from jumping high up. We could get that again in 2025, but there will be one point where [Bitcoin price] will run away.”
Filip added that Bitcoin remains a fundamentally deflationary asset and said its value is “always going to rise over time.”
He referenced the concept of the “omega candle,” made popular by Bitcoin advocate and Jan3 CEO Samson Mow. The theory predicts Bitcoin’s growth trajectory will explode after it hits the $100,000 mark.
Related: Bitcoin acting ‘less Nasdaq,’ more like gold, despite 60% recession odds
“You’ll start to go up by 10,000 a day or drop by 10,000 a day. And this is the God candle. After that, we’ll start to see omega candles, which are 100,000 increments daily,” said Mow in an exclusive interview with Cointelegraph in November 2024.
Factors contributing to Bitcoin’s growth include the growing distrust in the traditional financial system, according to Mow.
Related: Bitcoin ETFs log $912M inflows in ‘dramatic’ investor sentiment boost
ETF inflows, macro relief drive momentum
Bitcoin price saw an over 9% recovery over the past week as the US spot Bitcoin exchange-traded funds (ETFs) accumulated over $2.2 billion worth of Bitcoin in the three days leading up to April 23, Farside Investors’ data shows.
The price action is in line “with our Bitcoin relative strength expectations with respect to equities and the dollar,” analysts from Bitfinex exchange told Cointelegraph, adding:
“Bitcoin is rallying due to a combination of macro relief, strong ETF inflows, and growing expectations that the Fed will maintain policy flexibility amid softening economic data.”
Bitcoin may continue to see more upside if “equities continue higher during earnings week,” but the “still-elevated macro uncertainty could limit broad-based upside,” the analysts added.
Stock and cryptocurrency investors are also concerned about a potential recession in the US. JPMorgan estimates a 60% probability for a recession in 2025, citing US President Donald Trump’s 145% tariffs on China as a “material threat to growth” that increases the odds of an economic downturn.
Magazine: Bitcoin’s odds of June highs, SOL’s $485M outflows, and more: Hodler’s Digest, March 2 – 8
Read the full article here
Follow us on Google News to get the latest Updates
