A popular crypto analyst and trader says Bitcoin may consolidate for some time while Ethereum leads an altcoin charge.
The pseudonymous analyst known as Inmortal tells his 92,000 Twitter followers that despite Bitcoin’s (BTC) recent correction from its all-time high of $67,276.79, he’s still not eager to buy dips in the king crypto.
According to the analyst, Bitcoin’s correction could take several weeks, all while other coins make new price spikes.
“BTC/USD
Price is below [the] old demand zone and currently testing weekly open as resistance.
If we go lower, the next interest area is $58,000 (untaken lows and KEY lvl), maybe a good spot to long, depends on the reaction.
Why I’m not buying dips aggressively? because I think BTC may consolidate below all-time high for a bit, then altcoin run, and weeks later another leg up for BTC. These are just my personal thoughts.
In any case, if BTC finds acceptance above $62,000 (weekly open and old demand) I think we could see a move up to $67,000.”
Inmortal has previously predicted that Ethereum will break out of an ascending channel en route to $6,300 by mid-November.
According to Inmortal, the Ethereum rally will trigger other altcoins to follow suit.
“BTC consolidates around $60,000 for a few weeks then ETH leads altcoins to heaven.”
One altcoin on Inmortal’s radar for when the markets go up is decentralized oracle network Chainlink (LINK). According to the crypto strategist, a 66% rally for LINK is on the horizon.
“$50 is just a matter of time.
LINK”
Inmortal is also bullish on Cosmos (ATOM), which aims to be an “internet of blockchains.” According to the crypto strategist, ATOM may be due for one more leg down before rallying above $40 next month.
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The post Ethereum To Trigger Altseason While Bitcoin Could Consolidate for Weeks, According to Crypto Analyst appeared first on The Daily Hodl.
