Bitcoin Maxi Samson Mow Predicts Ethereum Investors Will Pump And Dump ETH, Rotate Back Into Bitcoin
The Ethereum price has surged 20% in the past week to close in on its all-time high of $4,891.70, but Bitcoin maxi Samson Mow warns this rally will trigger a sell-off as investors rotate profits back into Bitcoin.
Mow wrote on X that “no one wants ETH in the long run” and predicted a “pump and dump” cycle.
“Once they’ve gotten it high enough, they’ll dump their ETH, creating new generational bagholders, and then rotate the gains back into BTC,” he said.
The ETH price has climbed almost 1% in the last 24 hours to trade at $4,267 as of 5:50 a.m. EST, almost 13% short of its all-time high set on Nov. 16 2021.
Ethereum Always A Vehicle To Buy More Bitcoin, Says Mow
Mow doubts Ethereum can break its ATH due to rising selling pressure. He argued that it will be “challenging for ETH to break ATHs” because the “drive to sell” strengthens as prices climb.
He referred to it as a sort of “Bagholder’s Dilemma,” which is similar to the Prisoner’s Dilemma but focuses on whether to sell or HODL ETH.
BTC’s dominance in the market has dropped from 63.8% to 59.9% in the last week, data from CoinMarketCap shows. This suggests a capital rotation away from Bitcoin to smaller-capped altcoins that investors may feel have higher growth potential.
Despite the drop in BTC’s dominance, Mow went on to dismiss a recent decline in the ETH/BTC ratio, which is a measure of ETH’s price in terms of BTC, that resulted in a fall below a downward trendline.
“Ethereum has always been a vehicle for those people to get more Bitcoin,” he said. “It was true for the ICO, and it’s true now.”
BTC outperformed ETH in the last 24 hours, pumping over 3% to return back above the $122K level.
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