dailyhodl.com
A closely followed crypto strategist and trader believes that steep rallies are now in sight for Bitcoin ($BTC).
Pseudonymous analyst Inmortal tells his 216,500 followers on the social media platform X that Bitcoin appears to be mirroring its 2023 price action.
Back then, Bitcoin consolidated below $30,000 before igniting a parabolic surge to new all-time highs.
Says Inmortal,
“365 days ago today, we were about to go parabolic.
October 2023-2024 are a copy.
$BTC.”
Zooming out, the analyst says Bitcoin appears to be in the final stages of consolidation following this year’s halving event when $BTC miner rewards were cut in half.
“The wait is almost over.
$BTC.”
Inmortal believes that Bitcoin’s current consolidation is setting up $BTC for a massive burst to the upside.
“‘Why $BTC doesn’t dump? [The] chart looks terrible!’
Because something is coming.
They call it the god candle, son.”
At time of writing, Bitcoin is trading for $62,824.
Looking at Ethereum ($ETH), the trader shares a scenario suggesting that a dip below $2,000 would present a golden opportunity for long-term investors.
“I can’t tell you how likely this is to happen.
But if it does, it’s an $ETH generational long.”
Looking at the trader’s chart, he seems to predict that Ethereum will rally to a fresh all-time high above $5,000 after the correction.
At time of writing, Ethereum is trading for $2,480.
Generated Image: Midjourney