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A well-watched analyst in the cryptocurrency space holds the view that Bitcoin (BTC) could be on the verge of a final downward movement before ushering in a new bullish phase. The analyst, who goes by the pseudonym Inmortal, shared insights with his substantial following of nearly 200,000 users on the social media platform X. Inmortal suggests that Bitcoin ( ) might undergo a significant corrective decline, potentially approaching the $20,000 mark before embarking on a rapid surge that could breach $50,000. He parallels the current Bitcoin price action and its behavior during the latter part of 2019. During that period, Bitcoin faced a breakdown below its support level of around $10,000 and experienced a decline that led it to touch the $6,000 level. By examining the chart provided by the analyst, Inmortal envisions Bitcoin’s initial drop to fall below $24,000, followed by a subsequent rally aiming for the vicinity of $30,000. However, this rally is expected to succeed by a sharp retracement to approximately $21,000. Shifting the focus to Ethereum ( ), Inmortal’s foresee the primary smart contract platform adopting an ascending triangle pattern over the upcoming months, with a potential breakout projected to occur at the commencement of 2024. Quoting Inmortal’s view, “In 2025, reminiscing about this juncture would hold immense value. More than 500 days of accumulation, accompanied by overarching higher low points. This accumulation phase stands out as a personal favorite within this period.” Derived from Inmortal’s illustrative chart, it can be inferred that the analyst envisions Ethereum soaring past the $3,000 range during the first quarter of 2024.
Read more: coinspress
