Bitcoin pioneer Samson Mou predicts that Ethereum investors will switch to Bitcoin when ETH prices are high enough, and could repeat a five-week surge in ether.
However, historic market cycle patterns may indicate that this is not the case.
“Most ETH holders have many BTCs (ICOs/Insiders), which spin the BTCs into the ETH and pump them up in a new story (Ethereum Treasury Co).”
He added that when the ether (ETH) is high enough, “they will throw away the ETH, create a new generation of bag holders, then return the gain to BTC.”
“No one wants ETH in the long run,” said Bitcoin (BTC) Maximalist.
Moe, who repeatedly ridiculed the altcoin, added that “the closer to the psychological level, the more motivated you to sell,” so describing it as a “bag holder dilemma” would be a “challenge” to break the highest ever high.
ETH/BTC ratio breaks trends
Mow went on to say that Bitcoiner should not be worried about the ETH/BTC ratio breaking the downtrend line.
“Ethereum has always been a way for those people to get more Bitcoin. That’s true for the ICO and now it’s true.”
According to TradingView, the metric, which is a measure of ether price from a BTC perspective, is currently 0.036.
While Bitcoin remains relatively static, it doubled from its five-and-a-half-year low of 0.018 in April as ether spikes.
Ethereum supporter Anthony Sassano labeled the post as “old-school Bitcoin Maxis” criticizing Ethereum, criticising it as a bullish sign for ETH.
Rotation back to Altcoins
Investor and entrepreneur TED Pillow will offer a different perspective on Sunday, predicting that ether will reach new peak prices and create a mini-alto season, returning to Bitcoin until capital reaches around $140,000, followed by a final rotation into ether and altcoin.
Related: Michael Saylor is not sweating the rise of the Ethereum finance company
This is the typical crypto-rotation pattern unfolded in previous bull market years, as Ethereum and altcoin slow Bitcoin to a cycle-high.
Bitcoin’s advantage has also been down 10% since late June, as it continues to spin towards Altcoins.
Ether’s “incredible pumps from Strategy Reserve Plays institutional interest to $4,300 have supported the Defi platform in winning TVL, and “innovative yielding agriculture and lending strategies have pulled users back,” LVRG Research director Nick Ruck told Cointelegraph.
ETH is the best weekly since 2021
Meanwhile, ETH prices have been closed since November 2021 as Sunday trading has been delayed to over $4,300 after earning 21% each week, resulting in the highest weekly candles being closed.
Ether is currently just 12% off its all-time high of $4,878 in 2021, and despite the demotion from Bitcoin Maxis, the momentum is still very strong.
magazine: How Ethereum Finance Companies Can Cause “Defi Summer 2.0”
