In the world of cryptocurrencies, there are always new developments that keep both investors and analysts on edge. One of these developments is the recent forecast from a well-known analyst who remains optimistic despite widespread fears of a market downturn.
A respected analyst known by the pseudonym Inmortal recently published his assessment of the current Bitcoin (BTC) market situation. Despite widespread fears of an impending market decline, he remains optimistic and sees Bitcoin continuing to be in a bull market. Inmortal, who has a large following on the social media platform X, believes that Bitcoin traditionally undergoes a two-stage bull market, based on historical precedent.
The analyst shares a chart suggesting that the second phase of the Bitcoin bull market could last until the end of the year. He predicts that Bitcoin will remain in a wide trading range in the coming months before embarking on a massive rally that could reach new all-time highs. According to his analysis, Bitcoin could trade between $90,000 and $76,000 before rising to a new all-time high of around $140,000 in June.
At the time of analysis, Bitcoin is trading at $83,994. These predictions are particularly interesting because they are made in an environment where many market participants expect a decline. However, Inmortal sees the current market movements as confirmation of its theory about the two-stage nature of the bull market.
Ethereum (ETH), the native currency of the leading smart contract platform, is also being closely monitored by Inmortal. He points out that Ethereum’s Relative Strength Index (RSI) has fallen into oversold territory on the three-day chart, which could indicate a potential recovery. The RSI is a momentum indicator that indicates values ​​above 70 as overbought and below 30 as oversold.
Inmortal suggests that Ethereum tends to form a significant bottom when its RSI reaches the 20 mark on the three-day timeframe. Earlier this month, Ethereum’s three-day RSI fell to 25 as the price hit a yearly low of $1,754. At the time of this analysis, Ethereum is trading at $1,987.
However, these assessments and analyses should be viewed with caution. As with any cryptocurrency investment, investors should conduct their own due diligence and be aware of the risks associated with trading Bitcoin, Ethereum, and other digital assets. The opinions of analysts like Inmortal provide valuable insight but should not be relied upon as the sole basis for investment decisions.
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