Bitcoin pioneer Samson Mow stated that Bitcoin has refreshed its historical high, and the next move will either enter a new round of price discovery or pause its rise to make way for the upcoming altcoin season.
According to TradingView data, Bitcoin (BTC) reached $124,500 on Coinbase during Thursday morning trading. The asset rose 3.5% that day, pushing the total cryptocurrency market cap to a new high of $4.26 trillion.
Veteran Bitcoin advocate Samson Mow pointed out that there are currently two possibilities for Bitcoin:
“We will either see an ‘explosive’ or Omega-style rise, drawing all market attention and causing altcoins to drop by 30-40%,” or, “the altcoin frenzy peaks, triggering a massive sell-off, leading to a ‘holder's dilemma’ losing balance,” resulting in a brief Bitcoin pullback, before resuming its upward trend after a significant altcoin correction.
This staunch Bitcoin maximalist also questioned Ethereum (ETH) again, comparing its market value and stating, “But in any case, Ethereum's value cannot equal 4,600,000 BTC,” adding, “This situation will be corrected sooner or later.”
Mow discussed the “holder's dilemma” for the first time earlier this week, speculating that Ethereum investors would soon start selling and flowing back into Bitcoin.
He said that ETH breaking its historical high would be a challenge because “the closer it gets to that psychological level, the stronger the selling pressure.” According to Mow, this premise does not seem to apply to Bitcoin.
In the past 30 days, Ethereum has significantly outperformed Bitcoin, with a rise of 58%, while Bitcoin only increased by 3.5% during the same period.
The CEO of Jan3 also believes that Bitcoin is still likely to create more historical highs, but he thinks the market may experience a pullback due to the overheated altcoin market.
He stated that once the “altcoin frenzy” passes, Bitcoin will take off again, a situation that has been seen many times in history.
TradingView data shows that since late June, Bitcoin's market share has declined by about 10%, falling below 60% for the first time this week, marking the first time since January. The sharp decline in Bitcoin's market share has historically indicated that the altcoin season is about to begin.
Some industry insiders also believe that investor attention on Bitcoin may weaken, with decentralized finance (DeFi) potentially becoming the focus.
Henrik Andersson, Chief Investment Officer of Apollo Capital, told Cointelegraph: “We believe that Ethereum and DeFi assets will continue to perform well, a trend supported by the regulatory environment and the tokenization of RWA (real-world assets).”
He pointed out that the total value locked in DeFi has reached a peak and is growing rapidly, driving up DeFi yields. He added:
Meanwhile, Nick Ruck, director of LVRG Research, told Cointelegraph that Bitcoin may oscillate within the current level range. “The decline in market share and the rise in altcoin trading volume indicate that the altcoin season has begun, primarily driven by Ethereum's strong performance and speculative funds flowing into DeFi tokens.”
Related: Canary Capital registers Official Trump (TRUMP) ETF in Delaware
Original article: “Samson Mow: Bitcoin (BTC) will see an ‘explosive’ rise or pull back in the ‘altcoin frenzy’”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
