Bitcoin has reached a new all-time high, and its next move can be an outflow with the new price discovery or a stop to make way for the upcoming Altcoin season, says Bitcoin’s pioneer Samson Mow.
Bitcoin (Btc) Prices reached $ 124,500 to Coinbase in early trading on Thursday, According to In tradingview. The move added 3.5% to the day -to -day owner and pushed the total crypto market capitalization to a record of $ 4.26 trillion.
Bitcoin Og Samson Mow said there are two possible paths for Bitcoin today:
“We Godzilla or Omega up, sucked all the oxygen out of the room, and the Altcoins fell 30-40%,” or “Alt Mania” peaks, triggered a massive sale as “bagholder’s dilemma loses balance,” which will see the BTC sinking before climbing the tank again when the altcoins tank again, ” Says on Thursday.
Bitcoin’s maximalist cannot prevent the existence of another bash in ether (Eth), comparing market capitalizations and saying, “but no matter what, it is impossible that Ethereum costs 4,600,000 BTC,” before adding, “it needs to be corrected sooner or later.”
The dilemma of the backer
Mow first discussed the “Dilemma of Bagholder” earlier this week when he thought Ethereum investors were about to start dumping and Rotate back to bitcoin.
He said it was a challenge for ETH to break all the time high because “the closer you reach that psychological level, the stronger the trip to sell is.” The same premise does not appear to apply to Bitcoin, according to Mow.
Ether has Outperformed Bitcoin by a huge margin over the past 30 days, which fell 58% while BTC gained only 3.5% at the same time.
Altcoins are running too hot
The jan3 CEO also Opinion That will have more high-time bitcoin, “but I think we’ll see a pullback because the alts are running too hot right now.”
When “Altcoin Mania” passes, Bitcoin will be removed, “this is how it always is,” he said.
Bitcoin’s dominance has dropped by around 10% since late June, falling below 60% in the first time since January this week, According to In tradingview. The sharp decline in Bitcoin’s dominance has become indicators of history that the altseason is near.
The time for defi is now
Some industry experts have come up with that investor’s interest in Bitcoin may be cool, along with Decentralized Finance potentially take the spotlight.
“We believe that ETH and Defi properties will continue to grow here, supported by environmental regulation and RWA tokenisation (real-world assets),” Apollo capital’s chief investment official Henrik Andersson, told Cointelegraph.
The total amount locked in the defi is at a peak and rising rapidly, which is fuel defi income, he said, adding:
“We entered a new paradigm where the BTC was the low beta asset, the annual 30-day volatility collapsed by 23%.”
Meanwhile, the director of the LVRG Research Nick Ruck told Cointelegraph that BTC could include near the current levels, “denial of the dominance and increase of altcoin volumes suggests an altseason begins, led by the release of ETH and speculation -Haka to the DeFI tokens.”
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