dailyhodl.com
A closely followed analyst believes investors will have one last chance to accumulate Bitcoin ($BTC) and Ethereum ($ETH) at lower levels before the markets witness the next bull phase.
Pseudonymous analyst Rager tells his 199,300 followers on the social media platform X that he’s keeping some capital on the sidelines in anticipation of one more pullback.
According to Rager, Bitcoin and Ethereum might see a correction around the April halving, when the rewards of $BTC miners get cut in half.
“Holding spot in positions and waiting for the $BTC and $ETH pullback in the next couple of months to buy around halving.
That will be the last great opportunity for this cycle.”
Looking closer at Bitcoin, Rager thinks that $BTC is primed for a short-lived pullback. According to the analyst, his expected retracement will set the stage for Bitcoin to rally above $60,000.
“The uptrend from the bottom has been primarily composed of a few days of strong price action followed by a lot of chop and pullbacks.
The one time period with sustained grinding up without substantial pullback was from October to January where we saw the $BTC spot ETF (exchange-traded fund) approval [being] front run.
Bitcoin and the market in general have a lot of upside opportunities coming but could be due for a short-term pullback. After a pullback and people flip/flop bearish, it’s likely we see another burst to the upside to break $60,000 for the first time since 2021.”
At time of writing, Bitcoin is trading at $51,683.
As for Ethereum, Rager thinks that the native asset of the top smart contract platform is poised to move higher.
“The question is how long can $ETH stay above $3,000 this time?
The target remains $3,500 for this run-up, and with the $ETH spot ETF talk, I think we can hit this sooner rather than later.”
At time of writing, $ETH is worth $3,031.