Bitcoin is predicted to make its last drop before a new high

Editor’s note: not financial advice!

Cryptocurrency analyst Inmortal is convinced that bitcoin is preparing for one last downward movement before the start of a new bull market. As the expert told his 198,700 subscribers on the X platform, BTC is expected to make a corrective move to the $ 20,000 level.

«The last fall in history,» wrote Inmortal, convincing users that after a large-scale collapse, the market leader will not fall in price anymore. After a significant drop, bitcoin will reach $ 50,000, the analyst said. Inmortal believes that bitcoin is currently repeating the price dynamics of the last months of 2019, when the token broke below its support at around $ 10,000 and fell to $ 6,000.

Judging by the trader’s chart, he expects BTC to first fall below $ 24,000 and then rally to the $ 30,000 price zone. At the time of writing, bitcoin is trading at $ 25,931.

As for Ethereum, the analyst expects the main altcoin to trade within an ascending triangle in the coming months before breaking out in early 2024.

Based on the trader’s chart, Inmortal predicts that ETH will soar above the $ 3,000 price point in the first quarter of 2024. Currently, the digital asset is trading at $ 1,641.

Michael van de Poppe, a popular trader and cryptocurrency analyst, is also convinced that bitcoin is going to grow rapidly. «Do what you want, but the bull is on the horizon. We have only four to six weeks to go, and then we will only go up ,» the expert said.

The expert substantiated his calculations by comparing cycles. The analyst found similarities between the current dynamics and the events of 2015−2016 due to the emergence of a large group of new participants. In that cycle, the first cryptocurrency doubled in price compared to pre-halving values. Transferring this ratio to today, De Poppe got a range of $ 50,000 to $ 55,000.