Prominent pseudonymous trader, Inmortal, issues a warning about an impending market panic. With over 195K social media followers, Inmortal suggests a Bitcoin correction looms, possibly driving the price down to approximately $26,000 by month-end. This anticipated dip might divert attention from broader market trends, leading to investor anxiety.
ETF-Induced Correction, Yet Positive Signs
The expected correction appears to stem from potential delays in approving spot-based Bitcoin exchange-traded funds (ETFs), according to Inmortal. This delay could prompt an exodus of investors before ETF regulatory approval is secured. This correction was a temporary shift, ultimately paving the way for Bitcoin to reach $36,000. Despite the potential initial panic, Inmortal views this dip as part of a larger macro higher low phenomenon.
He views the market may be down there is hope: “Now that the price is going in slow motion, don’t worry about it, go enjoy the summer. And get ready because in 2024-2025 we will be up all night trading sh**coins.”
With bigger exchanges like Coinbase, and Binance, struggling in the lawsuit realm, it is interesting to see the altcoins rise.
Mixed Sentiments on Near-Term Bitcoin Movement
While Rekt Capital highlights that even though BTC recently reached around $30,200 before, a positive weekly closing above $29,250 would make the recent price drop less concerning and more bullish for BTC.
However, Stockmoney Lizards offers a different perspective. Anticipating Bitcoin’s price fluctuations akin to a rollercoaster ride, Stockmoney Lizards sees Bitcoin in a pre-halving stage, projecting it may not exceed $48,000 until April 2024. Post-halving BTC may rise to new ATH.
Altcoin Enthusiasm and Future Outlook
Echoing similar sentiments, other experts anticipate an upward trend for altcoins, particularly in 2024, with a focus on accumulating Solana and Chainlink. Looking ahead, Inmortal predicts a bullish altcoin trajectory for 2024 and beyond, encouraging investors to disregard short-term price stagnation for the promising trading conditions that lie ahead. In line with his beliefs, Inmortal discloses his current accumulation of Solana and Chainlink, with Solana priced at $24.55 and LINK trading at $7.45 at present.
Source: https://coinpedia.org/bitcoin/btc-price-analysis-crypto-analyst-predicts-impending-bitcoin-correction/