A crypto analyst now predicts a parabolic surge for Bitcoin as 2024’s conditions begin to line up with previous market trends.
A well-known crypto strategist and trader believes significant price rallies are on the horizon for Bitcoin (BTC).
The pseudonymous analyst, known as Inmortal, has informed his 216,500 followers on the social media platform X that Bitcoin seems to be following a similar pattern to its price movements in 2023.
During that time, Bitcoin consolidated below $30,000 before launching into a parabolic rise to new all-time highs.
Inmortal notes, “One year ago today, we were on the verge of a parabolic move. The timeframe from October 2023 to 2024 is mirroring that.”
The analyst suggests that Bitcoin is currently in the final stages of consolidation following this year’s halving event, which halved the rewards for BTC miners.
He emphasizes, “The wait is almost over,” indicating that this consolidation phase is likely setting Bitcoin up for a significant upward movement.
He also addresses skeptics, saying, “‘Why isn’t BTC dropping? The chart looks awful!’
Because something is coming.
They call it the god candle, son.”
As of now, Bitcoin is priced at $66,358.44.
Turning to Ethereum (ETH), Inmortal presents a scenario where a dip below $2,000 could be an excellent opportunity for long-term investors.
He adds, “I can’t predict how likely this is, but if it happens, it’s a generational buying opportunity for ETH.”
According to his chart analysis, he anticipates that Ethereum could reach a new all-time high above $5,000 after such a correction.
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Also Read: The SEC Is Now Under Massive Scrutiny Following XRP Appeal
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