A Crypto Analyst Predicts a Final Dip for Bitcoin Before the Birth of a New Bull Market
A widely followed crypto analyst, known as Inmortal, believes that Bitcoin (BTC) is on the verge of experiencing one last downward move before entering a new bull market. Inmortal suggests that Bitcoin could see a deep correction close to the $20,000 level, followed by a parabolic rally above $50,000. This prediction is based on Inmortal’s observation that Bitcoin’s current price action is similar to its behavior in late 2019 when it broke below $10,000 and dropped to $6,000.
Key Points:
– Bitcoin may experience a deep corrective move near $20,000 before a rally above $50,000.
– Inmortal’s chart indicates that BTC could initially fall below $24,000 and then rally towards $30,000, followed by a steep pullback to $21,000.
– Ethereum (ETH) is expected to trade within an ascending triangle pattern before breaking out in early 2024.
– Inmortal’s chart suggests that Ethereum could surpass the $3,000 price area in the first quarter of 2024.
Currently, Bitcoin is trading at $26,063, while Ethereum is valued at $1,653.
Hot Take
Inmortal’s analysis provides insight into potential price movements in the crypto market, particularly for Bitcoin and Ethereum. While his predictions are speculative, they offer valuable perspectives for crypto enthusiasts to consider. It’s important for readers to conduct their own research and exercise caution when making investment decisions. Stay informed and be prepared for potential market fluctuations.
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