A closely followed crypto strategist thinks that Bitcoin (BTC) is presenting a golden opportunity to long-term holders.
Pseudonymous analyst Inmortal tells his 212,900 followers on the social media platform X that he sees Bitcoin rallying to a fresh all-time high in the coming weeks.
According to the trader, the current Bitcoin consolidation is giving long-term BTC bulls a chance to accumulate at a level that offers a very favorable risk-to-reward ratio.
“Generational long entry
BTC.”
Source: Inmortal/X
Based on the trader’s chart, he appears to predict that Bitcoin will rally to as high as $76,000 in the near term as long as support at $60,000 holds.
The analyst also thinks that Bitcoin will not end its rally below $80,000, and believes BTC can print gains of as much as 119% from current levels before the bull market hits its highest note.
“Three KEY IDEAS ON BTC:
1. We are NOT early, but if you already have bags, I think we still have a trend to ride.
2. I don’t think we will go as high as people think.
3. The expansion above the previous all-time high is still to come…
$120,000 -$140,000, in my opinion.”
Source: Inmortal/X
At time of writing, Bitcoin is trading at $63,650.
Aside from Bitcoin, Inmortal is also bullish on one crypto subsector. The analyst says that crypto projects focused on tokenizing real-world assets (RWA) will likely witness huge bursts to the upside in the coming months.
“The hype around game-fi and AI (artificial intelligence) narratives is rotating to RWA.
I think RWA narrative will explode in the second half of this 2024.”
