Renowned cryptocurrency analyst Inmortal has forecasted a significant surge for Bitcoin (BTC), drawing parallels with historical price movements. Engaging with over 216,500 followers on social media platform X, the analyst emphasized that Bitcoin’s trajectory in 2023 closely mirrors past trends, hinting at a bullish outlook.
How Does Bitcoin Reflect Historical Patterns?
Inmortal pointed out that Bitcoin’s price fell below $30,000 last year but eventually led to a substantial rally. The analyst observed, “Exactly 365 days ago, we stepped into a parabolic rise. October 2023 and 2024 showcase the same stage.” This analogy suggests that Bitcoin might be on the brink of a similar upward movement.
Will Ethereum Present New Investment Opportunities?
The analyst also discussed Ethereum (ETH), suggesting that a decline below $2,000 could offer a valuable investment window for long-term holders. Inmortal cautioned, “I cannot say this will happen for sure. But if it does, it would be an excellent opportunity for long-term investment.” Furthermore, he anticipates Ethereum will breakthrough and exceed $5,000 after a correction.
Currently, Bitcoin trades at $64,000, with Ethereum around $2,500. Inmortal believes Bitcoin’s sideways movement may indicate a forthcoming breakout, while Ethereum is expected to rally post-correction. Investors are advised to proceed with caution due to the cryptocurrency market’s inherent volatility.
- Bitcoin is likely preparing for a significant price increase.
- Ethereum could present a buying opportunity if it falls below $2,000.
- Investors should stay informed and adapt strategies based on market conditions.
The insights from Inmortal highlight the potential for considerable growth in Bitcoin and strategic entry points in Ethereum, guiding investors towards making informed decisions in a fluctuating market.