A prominent crypto analyst says that he expects both Bitcoin and Ethereum to put up stellar performances toward the end of the year.
The crypto strategist, known in the industry as Inmortal, tells his 56,100 Twitter followers that Ethereum is poised to ignite a strong rally against Bitcoin (ETH/BTC) and surge as high as 0.11 BTC, worth about $4,203 at time of writing.
He also says that a “flippening,” or an overtaking of Bitcoin in terms of market cap, is in store for Ethereum.
“This consolidation will come to an end soon. The flippening is knocking the door.”
Inmortal’s price prediction represents potential gains of over 70% from ETH/BTC’s current value of 0.064 BTC or $2,445. According to the trader’s chart, ETH/BTC could achieve the price target by October.
As for Bitcoin (BTC), the crypto trader also sees the leading cryptocurrency meteorically rising to a new all-time high of around $80,000 by November. According to Inmortal, Bitcoin’s daily chart looks very similar to its price action at the start of 2020 when BTC rallied from $7,000 to $10,000 in a few weeks.
Looking at Bitcoin from a long-term perspective, Inmortal says he believes that the current boom cycle will be longer than its predecessors. He also predicts that BTC could top out at $150,000 in the first half of 2022.
After the bull market, however, the trader forecasts a massive 80% drop in BTC’s value to around $30,000, where it could bottom out and enter a new phase of consolidation by 2023.
“4-year cycles on Bitcoin.”
Featured Image: Shutterstock/NextMarsMedia