dailyhodl.com
A widely followed trader flags a crucial price area for Bitcoin ($BTC) that could have a meaningful impact on the broader crypto market.
Pseudonymous analyst Inmortal tells his 235,500 followers on X that altcoins will likely get hammered hard if Bitcoin loses a key support level.
“$108,000 is the line in the sand.
Below $108,000-30% on altcoins
Ranging between $108,000-$120,000: Sideways + good moves on outperformers
Above $120,000: two to five weeks of altseason.”
Based on the trader’s chart, he seems to predict that $BTC will soar to new all-time highs if bulls defend $108,000. At time of writing, Bitcoin is trading for $112,853.
Looking at Ethereum ($ETH), the analyst flags $4,000 as a golden opportunity for long-term investors.
“This area is a gift, in my opinion.”
At time of writing, $ETH is worth $4,197.
Inmortal is also bullish on the native asset of the layer-2 Ethereum scaling solution Mantle ($MNT). According to the trader, $MNT looks poised for rallies after respecting support at around $1.45.
“$MNT ended up being an outperformer.
Nobody expected it, and that’s exactly why it happened.”
Looking at the trader’s chart, he appears to predict that $MNT will hit $2.60. At time of writing, $MNT is trading at $1.73.