Bitcoin, the world's largest cryptocurrency, reached a new record high today, but the next move for this coin could go in two very different directions, according to Bitcoin pioneer and CEO of Jan3, Samson Mow.
In a post on X, Mow stated that Bitcoin could "surge like Godzilla or Omega," or the current altcoin rally could end with a massive sell-off. Mow's first scenario, a "Godzilla or Omega" move, describes a situation in which Bitcoin surges strongly, "sucking all the oxygen out of the market." He predicts this will cause altcoins to drop 30-40% as capital quickly flows back to the leading currency.
According to Mow, the alternative path is the peak of the current "altcoin frenzy," which he believes has become "too hot." He suggests this will trigger a major sell-off when the "Bagholder's dilemma becomes unbalanced." In this scenario, Bitcoin will fall temporarily before rising again as altcoins plunge.
This morning, the price of Bitcoin exceeded $123,000, up 3.5% for the day. The total value of all cryptocurrencies combined reached $4.26 trillion, according to CoinMarketCap.
Mow's Perspective on Ethereum
Mow also commented on Ethereum (ETH), the second largest cryptocurrency, which is currently trading at $4,760. Mow said on X: "Ethereum cannot be worth 4,600,000 BTC," while noting that ETH will struggle to break its previous all-time high. Over the past 30 days, ETH has risen 58%, while Bitcoin has only increased by 3.5%.
Experts say that altcoins are currently attracting attention. Henrik Andersson, Chief Information Officer (CIO) at Apollo Capital, predicts that Ethereum and DeFi tokens (decentralized finance, cryptocurrency-based financial services without banks) will continue to grow thanks to favorable regulations and new applications such as tokenization of real assets. Mow believes that following the traditional model, Bitcoin will reach new heights again after the altcoin frenzy ends. He said: "Everything has always been like this."