A widely followed trader flags a crucial price area for Bitcoin (BTC) that could have a meaningful impact on the broader crypto market.
Pseudonymous analyst Inmortal tells his 235,500 followers on X that altcoins will likely get hammered hard if Bitcoin loses a key support level.
[adinserter block="1"]“$108,000 is the line in the sand.
Below $108,000-30% on altcoins
Ranging between $108,000-$120,000: Sideways + good moves on outperformers
Above $120,000: two to five weeks of altseason.”
Based on the trader’s chart, he seems to predict that BTC will soar to new all-time highs if bulls defend $108,000. At time of writing, Bitcoin is trading for $112,853.
Looking at Ethereum (ETH), the analyst flags $4,000 as a golden opportunity for long-term investors.
“This area is a gift, in my opinion.”
At time of writing, ETH is worth $4,197.
Inmortal is also bullish on the native asset of the layer-2 Ethereum scaling solution Mantle (MNT). According to the trader, MNT looks poised for rallies after respecting support at around $1.45.
“MNT ended up being an outperformer.
Nobody expected it, and that’s exactly why it happened.”
Looking at the trader’s chart, he appears to predict that MNT will hit $2.60. At time of writing, MNT is trading at $1.73.
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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 assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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