A closely followed crypto analyst believes that Bitcoin (BTC) is setting up for one last move to the downside before the birth of a new bull market.
Pseudonymous analyst Inmortal tells his 198,700 followers on the social media platform X that Bitcoin will likely see a deep corrective move close to the $20,000 level prior to a parabolic rally above $50,000.
“Last dip ever.”
Inmortal believes that Bitcoin appears to be mirroring its price action in the latter months of 2019 when BTC broke below its support at around $10,000 and dipped all the way down to the $6,000 level.
“Imagine the smell.”
Looking at the trader’s chart, he seems to predict that BTC will initially fall below $24,000 prior to a rally toward the $30,000 price area. The chart also shows that the rally will likely be followed by a steep pullback to the $21,000 level.
At time of writing, Bitcoin is trading for $26,063.
Looking at Ethereum (ETH), the analyst predicts that the leading smart contract platform will trade within an ascending triangle pattern in the coming months before breaking out at the start of 2024.
“In 2025, you would give anything to come back here. > +500 days accumulating > macro higher lows. My favorite accumulation of this bear market.”
Based on the trader’s chart, Inmortal appears to predict that Ethereum will soar above the $3,000 price area in the first quarter of 2024.
At time of writing, Ethereum is worth $1,653.
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