Crypto Analyst Envisions Bold Moves for Bitcoin and Ethereum: A Bullish Tale Unfolds
A well-watched analyst in the cryptocurrency space holds the view that Bitcoin (BTC) could be on the verge of a final downward movement before ushering in a new bullish phase.
The analyst, who goes by the pseudonym Inmortal, shared insights with his substantial following of nearly 200,000 users on the social media platform X. Inmortal suggests that Bitcoin (BTC) might undergo a significant corrective decline, potentially approaching the $20,000 mark before embarking on a rapid surge that could breach $50,000.
Last dip ever.$BTC pic.twitter.com/ufS6ZwWyGH
— Inmortal (@inmortalcrypto) August 26, 2023
He parallels the current Bitcoin price action and its behavior during the latter part of 2019.
Imagine the smell.$BTC pic.twitter.com/S2LHsnTwIk
— Inmortal (@inmortalcrypto) August 27, 2023
During that period, Bitcoin faced a breakdown below its support level of around $10,000 and experienced a decline that led it to touch the $6,000 level.
By examining the chart provided by the analyst, Inmortal envisions Bitcoin’s initial drop to fall below $24,000, followed by a subsequent rally aiming for the vicinity of $30,000. However, this rally is expected to succeed by a sharp retracement to approximately $21,000.
Shifting the focus to Ethereum (ETH), Inmortal’s projections foresee the primary smart contract platform adopting an ascending triangle pattern over the upcoming months, with a potential breakout projected to occur at the commencement of 2024.
Quoting Inmortal’s view, “In 2025, reminiscing about this juncture would hold immense value. More than 500 days of accumulation, accompanied by overarching higher low points. This accumulation phase stands out as a personal favorite within this bear market period.”
Derived from Inmortal’s illustrative chart, it can be inferred that the analyst envisions Ethereum soaring past the $3,000 range during the first quarter of 2024.
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.
