Samson Mow predicts path ahead as Bitcoin peaks over $124,000

Bitcoin

BTC

$118,915

climbed to an all-time high of $124,128 just before 12:40 am UTC on Thursday, with long-term Bitcoiner Samson Mow saying it could either continue to surge or trade sideways depending on whether traders rotate into altcoins.

Mow said that Bitcoin could “Godzilla or Omega up, suck all the oxygen out of the room, and altcoins drop 30-40%,” or “alt mania” peaks. He said the latter would trigger a sell-off and BTC would briefly drop before gaining again when altcoins tank.

He added that Bitcoin “will see a pullback because alts are running too hot now,” but will eventually go on to break new all-time highs once the “altcoin mania” passes.

Bitcoin has gained 2.7% in the 24 hours as of early trading on Thursday to trade at $122,250, cooling over 1% from its high, according to CoinGecko.#MarketGreedRising