A closely followed crypto strategist thinks that Bitcoin (BTC) is presenting a golden opportunity to long-term holders.
Pseudonymous analyst Inmortal tells his 212,900 followers on the social media platform X that he sees Bitcoin rallying to a fresh all-time high in the coming weeks.
According to the trader, the current Bitcoin consolidation is giving long-term BTC bulls a chance to accumulate at a level that offers a very favorable risk-to-reward ratio.
“Generational long entry
BTC.”
Based on the trader’s chart, he appears to predict that Bitcoin will rally to as high as $76,000 in the near term as long as support at $60,000 holds.
The analyst also thinks that Bitcoin will not end its rally below $80,000, and believes BTC can print gains of as much as 119% from current levels before the bull market hits its highest note.
“Three KEY IDEAS ON BTC:
1. We are NOT early, but if you already have bags, I think we still have a trend to ride.
2. I don’t think we will go as high as people think.
3. The expansion above the previous all-time high is still to come…
$120,000 -$140,000, in my opinion.”
At time of writing, Bitcoin is trading at $63,650.
Aside from Bitcoin, Inmortal is also bullish on one crypto subsector. The analyst says that crypto projects focused on tokenizing real-world assets (RWA) will likely witness huge bursts to the upside in the coming months.
“The hype around game-fi and AI (artificial intelligence) narratives is rotating to RWA.
I think RWA narrative will explode in the second half of this 2024.”
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
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 losses 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/Sensvector/PurpleRender
