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.
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Generated Image: Midjourney