Bitcoin expert Samson Mow expressed his viewpoint on the recent surge in Ether prices, suggesting that this growth is temporary, with investors expected to shift funds back into Bitcoin.
Samson Mow's Position on ETH
Samson Mow, CEO of Jan3, believes that the recent surge in Ethereum prices will eventually lead to a reinvestment into Bitcoin. He noted that many large ETH holders, particularly those with substantial BTC holdings, are intentionally converting BTC to ETH to drive prices up. Mow emphasizes that once Ethereum reaches attractive price levels, these investors will start offloading their assets, leaving behind new 'bagholders'.
"No one wants ETH in the long run," he stated, adding that it will be difficult for ETH to surpass its all-time high as selling pressure increases as it approaches that psychological barrier.
Ether and Altcoins: Expert Opinions
Mow downplayed concerns about the ETH/BTC ratio breaking from its long-term downward trend, remarking that Ethereum has always served as a vehicle for acquiring more Bitcoin. Currently, the ETH/BTC ratio sits at 0.036, double its April low of 0.018. The surge in ETH has coincided with relatively stable Bitcoin prices.
Ethereum supporter Anthony Sassano characterized Mow's comments as typical rhetoric from 'old school Bitcoin maxis', arguing that this criticism is actually a bullish signal for ETH.
Current Market Trends
Not everyone shares Mow's outlook. Investor Ted Pillows predicted that Ethereum will break its previous record price and spark a brief altseason before capital flows back into Bitcoin. Bitcoin's dominance has fallen by 10% since late June, reflecting the ongoing rotation into altcoins. Meanwhile, ETH has achieved its strongest weekly close since November 2021, reaching $4,300, just 13% below its all-time high of $4,878.
In conclusion, expert opinions are divided: some predict a temporary peak for ETH, while others argue that a capital rotation back into Bitcoin is imminent. As a significant component of the cryptocurrency market, future trends regarding ETH and Bitcoin will be closely monitored.
