A prominent crypto trader says he’s expecting significant moves from one altcoin before weighing in on Bitcoin’s fate in the wake of a sudden BTC price pullback.
The pseudonymous Inmortal tells his Telegram subscribers that the chart looks good for ATOM, the native token of the interoperable blockchain network Cosmos.
I love this chart [right now].
Clean deviation after retest daily demand and relevant swing point.
Range low tested, range high at $48 is next.”
In a tweet presenting the chart above, Inmortal concludes by saying,
“ATOM is undervalued.”
At time of writing, ATOM is exchanging hands at $32.20, up over 20% on the week but still down from its September all-time high of $44.73.
Inmortal next looks at Bitcoin, which recently tumbled from a new high above $69,000 to below $56,000. His forecast for the top crypto is clear.
“Do or die.”
The trader plots out a possible BTC rally where $61,000 is a key breakout level.
“Dream scenario IF we reclaim 61k.”
Bitcoin is currently priced at $57,076.
Inmortal wraps up his crypto analysis by looking at leading altcoin Ethereum. The trader thinks ETH is on the cusp of overtaking Bitcoin in terms of market cap, which is referred to colloquially as “the flippening.”
“Flippening is just a matter of time.”
At time of writing, ETH is priced at $4,291, and its $512.6 billion market cap is about half of Bitcoin’s, which is valued at over $1 trillion.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/S-Design1689/Sensvector