Bitcoin reached a new all-time high of $124,500 on Coinbase, sparking debate over its next move, according to Bitcoin advocate Samson Mow.
Two possible outcomes
Mow outlined two scenarios for Bitcoin’s near-term future. He stated:
“We Godzilla or Omega up, suck all the oxygen out of the room, and altcoins drop 30-40%,”
Alternatively, he warned of an “alt mania” peak, triggering a substantial sell-off in Bitcoin as the “Bagholder’s Dilemma loses equilibrium,” which would see Bitcoin dip briefly before recovering as altcoins decline.
Mow also questioned Ether’s market cap, noting:
“It’s impossible that Ethereum is worth 4,600,000 BTC.”
He predicted this disparity “has to correct sooner or later.”
Bagholder’s dilemma
Earlier in the week, Mow suggested that Ether investors may soon rotate back into Bitcoin, referencing the psychological barriers ETH faces near its all-time highs.
He stated that as Ether approaches these levels, selling pressure intensifies, a phenomenon not seen with Bitcoin.
Over the last month, Ether has surged 58% compared to Bitcoin’s 3.5% gain.
Altcoins running hot
Jan3 CEO Mow cautioned that while more Bitcoin all-time highs are possible, a pullback could occur as “alts are running too hot now.”
Bitcoin dominance has dropped about 10% since late June, now falling below 60% for the first time since January.
Historically, sharp declines in bitcoin dominance have signaled the start of “altseason.”
