Could there be a looming Bitcoin correction that might trigger panic and overshadow the broader perspective? That’s what a pseudonymous trader believes, anticipating that Bitcoin might experience a dip to around $26,000 by the end of this month. This trader, known as Inmortal, recently shared these views with his nearly 200,000 followers.
Bitcoin’s Potential Downtrend and Market Impact
Inmortal suggests that the anticipated Bitcoin correction could stir up a wave of fear in the crypto market. However, he also believes that this potential downturn could pave the way for a Bitcoin rally beyond the $36,000 mark. He warns, “The next dip might induce panic, but it’s likely just another macro higher low.”
The Role of Bitcoin ETFs
The trader speculates that the trigger for this Bitcoin correction could be the announcement of delays in the approval of spot-based Bitcoin exchange-traded funds (ETFs). He suggests that such delays could unsettle traders and provoke them to exit their positions before regulators give the green light to a Bitcoin ETF. At the time of his prediction, Bitcoin was valued at $29,454.
Future Market Predictions
Despite the current market volatility, Inmortal foresees a bullish trend in the coming years. He believes that altcoins, in particular, could witness a strong uptrend in 2024 and 2025. As he puts it, “Don’t fret about the slow price movement now. Enjoy the summer and prepare for 2024-2025 when we’ll likely be trading altcoins round the clock.” In the meantime, he’s accumulating Solana (SOL) and Chainlink (LINK), which were trading at $24.55 and $7.45, respectively, at the time of his comments.
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