Pseudonymous Analyst Predicts Bitcoin Correction, Expects Short-Term Panic with Long-Term Upside.
Inmortal, a respected trader with a following of 195,300 on X, has shared his insights on the Bitcoin (BTC) market. He foresees an imminent correction, projecting a potential dip to the $26,000 level by the end of this month. While this correction might induce fear among market participants, Inmortal believes it’s a necessary step for setting up BTC for a subsequent rise above $36,000.
Inmortal attributes the likely correction to the anticipated delays in the approval of spot-based Bitcoin exchange-traded funds (ETFs). He suggests that these postponements will trigger a shakeout of traders’ positions before regulatory authorities give the green light to a Bitcoin ETF.
As of the current moment, Bitcoin is valued at $29,454. Inmortal sees the current choppy market conditions as a precursor to a bullish price action in the coming year. He predicts a strong uptrend for altcoins in 2024 and 2025.
In the short term, Inmortal advises not to worry about the slow price movement and encourages followers to enjoy the summer. He believes that the excitement in trading altcoins will come in 2024-2025.
As of now, Inmortal has been accumulating positions in Solana (SOL) and Chainlink (LINK). Interestingly, he humorously notes that he accidentally acquired an “indecent amount” of LINK and SOL.
At the time of writing, Solana is trading at $24.55, while LINK holds a value of $7.45.
