Bitcoin, Ethereum, and Solana Making Waves in the Crypto Market, According to Popular Analyst
According to a closely followed analyst, the fear of missing out (FOMO) could potentially drive a resurgence of retail traders into Bitcoin (BTC).
The analyst, known as Inmortal, informed their substantial Twitter following that BTC has been consolidating below the $30,000 price level for an extended period. They believe that a breakthrough above this psychological threshold has the potential to generate significant momentum for the leading cryptocurrency.
350 days below 30k and counting.
I don’t know when, but I know that 30k breakout will trigger retail FOMO.#Bitcoin pic.twitter.com/h3ZKgrO6Hc
— Inmortal (@inmortalcrypto) May 30, 2023
Inmortal highlighted that BTC is presently trading within a range of $25,600 to $28,400, offering potential entry points for bullish traders at the lower end of this range.
Similarly, Inmortal noted that Ethereum (ETH) has also been consolidating for a considerable period below the psychologically significant level of $2,000. They shared a chart indicating that ETH might experience a temporary surge above $2,000 before undergoing a correction, potentially bringing its price down to $1,500.
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The analyst found the structure of ETH intriguing, with 386 days of accumulation below $2,000 and a consistent pattern of higher lows from the macro perspective. Inmortal expressed openness to witnessing another retest at the $1,500 level.
$ETH structure is so beautiful.
> 386 days accumulation below 2k
> Consecutive macro HL’s(Give me another 1.5k retest please) pic.twitter.com/eMiZmLPVQb
— Inmortal (@inmortalcrypto) May 31, 2023
Discussing other altcoins, Inmortal indicated that Solana (SOL), a competitor to Ethereum, appears poised for a rebound from its bearish market and could potentially outperform Bitcoin in the next market surge. Inmortal mentioned taking a long position on SOL, as they believe the cryptocurrency has successfully regained its trading range for the year.
In summary, Inmortal’s analysis suggests that retail FOMO may drive renewed interest in Bitcoin, while Ethereum and Solana present intriguing opportunities for traders as they consolidate and potentially experience upward price movements.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
