Bitcoin's price reached a new all-time high, and it may rise again in a new price discovery phase or stagnate due to the altcoin season, said Bitcoin pioneer Samson Mow.
On Thursday morning, Bitcoin (BTC) reached a price of $124,500 on Coinbase, according to TradingView data, pushing the total cryptocurrency market cap to a historical high of $4.26 trillion.
Samson Mow mentioned that the next step for Bitcoin might be: 'We might see a huge surge, with altcoins dropping by 30-40%', or the 'altcoin frenzy' reaching its peak, triggering a massive sell-off, leading to a brief drop in Bitcoin, followed by a rebound when altcoins crash, he stated on Thursday.
This Bitcoin extremist couldn't help but criticize Ethereum (ETH) again, saying 'in any case, Ethereum cannot be worth 4.6 million BTC', adding 'this situation will eventually be corrected.'
The Dilemma of Holders
Mow discussed the 'dilemma of holders' earlier this week, speculating that Ethereum investors might begin to sell and rotate back into Bitcoin.
He stated that Ethereum has difficulty breaking through its historical high because 'the closer it gets to psychological barriers, the stronger the selling pressure'. Bitcoin, on the other hand, is not subject to this limitation.
Ethereum has outperformed Bitcoin significantly in the past 30 days, rising by 58%, while Bitcoin only increased by 3.5%.
The altcoin market is overheated
Jan3 CEO also believes that Bitcoin will reach a historical high again, but may correct due to the overheated altcoin market.
Bitcoin's dominance has declined by about 10% since the end of June, falling below 60% for the first time.
The time for decentralized finance has arrived
Some industry experts believe that interest from Bitcoin investors may weaken, and decentralized finance could become the focus.
"We believe that with the support of the regulatory environment and the tokenization of physical assets, Ethereum and DeFi assets will continue to outperform."
The total locked value in DeFi is at a high and rising rapidly, driving growth in DeFi income.
Meanwhile, Nick Ruck, director of LVRG Research, stated that BTC might consolidate around current levels, with a decline in dominance and an increase in altcoin trading volume suggesting the start of altcoin season, driven by ETH's strong performance and speculative inflows into DeFi tokens.
