Bitcoin advocate Samson Mow is outlining two possible scenarios for Bitcoin (BTC) as the crypto king hovers below the all-time high reached earlier this week.
Mow warns his 352,200 followers on X that if Bitcoin undergoes a “Godzilla or Omega” rally and sucks “all the oxygen out of the room,” altcoins could fall by 30% to 40%.
In the second scenario, Mow says,
“Altcoin mania peaks, triggering a massive sell-off as the Bagholder’s Dilemma loses equilibrium, BTC goes down briefly then up again, as altcoins tank.”
The Bagholder’s Dilemma refers to a psychological trap where an investor holds onto a rapidly depreciating cryptocurrency, refusing to sell in the hope that the price of the asset will recover
Ethereum is trading at $4,642 at time of writing, while its market cap stands at a little over $540 billion.
According to the Bitcoin advocate, the unstaking of Ethereum could catalyze a correction in the second-largest crypto asset.
“Ethereum still has to come down a lot more. There’s around $3 billion in ETH that is being unstaked right now, which is a tedious process (by design) whereby you have to queue first and then withdraw. Once the floodgates open, I expect ETH/USD to drop massively.”
In the case of the Ethereum/Bitcoin (ETH/BTC) pair, Mow says it could drop by around 21% from the current level.
“The flippening will never happen, but the unstakening is coming.
