A closely watched cryptocurrency strategist and trader believes a Bitcoin (BTC) rally is just around the corner.
Pseudonymous analyst Immortal told his 216,500 followers on social media platform X that Bitcoin appears to be mirroring its 2023 price trend.
At the time, Bitcoin consolidated below $30,000 and then went on a parabolic rally to new all-time highs.
The immortal says,
“365 days ago today, we were trying to draw a parabola.
Copy from October 2023 to October 2024.
Bitcoin. ”
Zooming out, analysts said Bitcoin appears to be in the final stages of consolidation following this year's halving event, which cut BTC miners' rewards in half.
“The wait is almost over.
Bitcoin. ”
Immortal believes that Bitcoin's current consolidation is setting the stage for a significant rally in Bitcoin.
“'Why don't you throw away your BTC?' [The] The chart looks terrible!
Because something is coming.
They call it God's candle, son. ”
At the time of this writing, Bitcoin is trading at $62,824.
Turning to Ethereum (ETH), traders are sharing scenarios that suggest a drop below $2,000 presents a golden opportunity for long-term investors.
“We don't know how likely this is to happen.
But if that happens, it will last for generations of ETH. ”
Looking at the trader’s chart, it appears that he is predicting Ethereum to rise to a new all-time high above $5,000 after correction.
At the time of this writing, Ethereum is trading at $2,480.
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