A widely followed crypto analyst believes that Bitcoin (BTC) is primed for an explosive breakout that could take it to new all-time highs (ATHs).
Pseudonymous crypto trader Inmortal tells his 215,300 followers on the social media platform X that Bitcoin could flip its ATH of about $74,000 into support within four months.
“New BTC all time high by EOY (end of the year).”
The analyst suggests that Bitcoin may not return to the $49,000 level before reaching a new ATH.
“Maybe the low of this consolidation is already in.”
He also says that Bitcoin could trade around the $58,000 range heading into September and then reclaim the $62,000 level as support during the first week of the month.
“1. Wait.
2. Let the price set the September open.
3. Long the reclaim.”
Lastly, the analyst suggests that Bitcoin is about to enter the most explosive phase of its market cycle with a clean break of the previous all-time high.
“Soon we go brrrr.”
Bitcoin is trading for $59,219 at time of writing, up slightly in the last 24 hours.
Next up, the analyst says that Ethereum (ETH) may retest a lower level and then soar to $3,200, an increase of more than 26% the current value.
“Wait for $2,500, then long.”
Ethereum is trading for $2,520 at time of writing, down slightly in the last 24 hours.
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