A Crypto Analyst Believes There’s One Last Chance to Accumulate Bitcoin and Ethereum
A well-known analyst in the crypto space suggests that there will be one final opportunity for investors to accumulate Bitcoin (BTC) and Ethereum (ETH) at lower levels before the next bull market phase begins. According to the pseudonymous analyst Rager, who has a significant following on social media, he is keeping some capital on the sidelines in anticipation of another pullback in prices.
Rager points out that Bitcoin and Ethereum might experience a correction around the time of the April halving, which is when the rewards for BTC miners are cut in half. He believes that this upcoming pullback will present the last great opportunity to buy BTC and ETH during this market cycle.
Potential Pullback for Bitcoin
Looking specifically at Bitcoin, Rager suggests that it is likely to experience a short-lived pullback. However, he believes that this retracement will set the stage for a rally above $60,000. The analyst notes that the current uptrend has been characterized by strong price action followed by periods of consolidation and pullbacks. The only exception was during the period from October to January, when the approval of a BTC spot ETF led to sustained upward movement.
Rager emphasizes that although there may be short-term pullbacks and bearish sentiment after a retracement, it is highly probable that Bitcoin will see another surge above $60,000 for the first time since 2021.
Ethereum Poised for Upside Movement
In terms of Ethereum, Rager believes that the native asset of the leading smart contract platform is positioned for further gains. He sets a target of $3,500 for this run-up and expects it to be achieved sooner rather than later due to ongoing discussions about an ETH spot ETF.
As of now, Bitcoin is trading at $51,683, while Ethereum is worth $3,031.
Hot Take: The Last Opportunity Before the Next Bull Run
In conclusion, according to the analysis of Rager, there appears to be one final opportunity for investors to accumulate Bitcoin and Ethereum at lower levels before the next bull market phase begins. Rager suggests that this opportunity will arise around the time of the April halving when both cryptocurrencies might experience a correction.
Rager’s analysis indicates that Bitcoin is likely to undergo a short-lived pullback before rallying above $60,000. Similarly, he expects Ethereum to move higher and reach a target of $3,500. These predictions are based on the patterns observed in the current market cycle.
It’s important for crypto enthusiasts to stay informed about potential market movements and opportunities. By keeping an eye on price action and following reliable sources of information, you can make more informed investment decisions in the volatile world of cryptocurrencies.
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