One of the closely followed analysts in the crypto world, Inmortal, believes that Bitcoin (BTC) is on the verge of a powerful surge. The anonymous analyst shared with his 216,500 followers on social media platform X that Bitcoin’s price movements in 2023 are mirroring past patterns.
Bitcoin Taking Inspiration from the Past
According to Inmortal, Bitcoin traded sideways below $30,000 for an extended period last year, only to then rally strongly to reach new all-time highs. He believes a similar scenario is playing out now, stating, “Exactly 365 days ago, we embarked on a parabolic rise. The scenes in October 2023 and 2024 are repeating.”
Inmortal also highlighted the significance of Bitcoin’s halving event, noting that the consolidation period following the halving, which reduces mining rewards, is coming to an end. He suggests this supply pressure is laying the groundwork for a major price movement, stating, “The wait is almost over.”
Potential Buying Opportunities in Ethereum
In addition to Bitcoin, Inmortal shared an interesting perspective on Ethereum (ETH). He noted that if ETH falls below $2,000, it could be a great buying opportunity for long-term investors. “I can’t say for sure that it will happen, but if it does, it would be a perfect opportunity for long-term investment,” he emphasized, urging investors to be prepared for possible price fluctuations.
Inmortal forecasts that Ethereum will break out from its correction phase and rise to a new peak above $5,000.
Current Crypto Market Overview
At the time of writing, Bitcoin is trading around $64,000, while Ethereum is priced near $2,500. Inmortal believes that Bitcoin’s current sideways movement could be signaling an upcoming breakout. Similarly, Ethereum is expected to experience a strong rally after a possible dip.
As always, the crypto market remains highly volatile, and investors should proceed with caution. In addition to Bitcoin and Ethereum, similar trends might be observed in altcoins as well.
It’s crucial for investors to stay updated with market data and adjust their strategies accordingly. While the volatile nature of crypto assets can bring risks, making informed decisions at the right time can present substantial opportunities.
According to Inmortal’s analysis, Bitcoin is gearing up for a major leap. For Ethereum, levels below $2,000 should be closely watched by long-term investors. However, the risks in the market should not be ignored. Staying informed and prepared can help investors create successful long-term strategies.
Bitcoin, Ethereum, halving, crypto market, Dey There, long-term investment
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