Bitcoin Hits $124.5K Amid Rally or Altcoin Pullback Debate
Bitcoin surged to a record $124,500 on Coinbase, lifting the total crypto market cap to $4.26 trillion. Veteran strategist Samson Mow outlines two possible paths: a “Godzilla” rally that could send altcoins down 30–40%, or an extended altcoin season that briefly pulls back Bitcoin before its next leg up. Bitcoin dominance has slipped below 60%—a classic signal of altcoin season. Over the past month, Ethereum (ETH) has outperformed Bitcoin, rising 58% versus Bitcoin’s 3.5%. Mow criticizes ETH’s valuation relative to Bitcoin’s market cap and forecasts a correction. On DeFi, Apollo Capital’s Henrik Andersson highlights growing TVL and regulatory support for tokenized real-world assets, suggesting ETH and DeFi tokens may continue to outperform. LVRG Research’s Nick Ruck notes rising altcoin volumes may keep Bitcoin trading sideways in the short term.
Bullish
The record Bitcoin high and Mow’s dual rally scenarios underscore strong bullish momentum for BTC. While a potential altcoin surge may trigger short-term volatility or a brief pullback, Bitcoin’s breakout above $124,500 and a market cap exceeding $4 trillion reinforce a longer-term uptrend. Ethereum’s recent outperformance and DeFi’s TVL growth add bullish catalysts, suggesting fresh capital inflows into both BTC and altcoins as market confidence strengthens.