A crypto strategist and trader says he expects a broad altcoin correction while Bitcoin (BTC) tests support before breaking out close to its previous all-time high.
The crypto analyst, known in the industry as Inmortal, tells his 71,700 Twitter followers that he believes Bitcoin will resume its bull trend after a shakeout event. The crypto strategist adds that he sees BTC holding $42,000 as it is a yearly support level.
“$42,000 is the most relevant level of 2021, and it’s acting as support. I think the bottom is in.”
At time of writing, Bitcoin is exchanging hands at $42,451 after printing a 24-hour low of $40,468, according to CoinMarketCap.
Inmortal adds that he’s predicting Bitcoin would recover and ignite a massive breakout. He also says altcoins will go down in value as traders rotate their capital to BTC.
“Soon we’ll see blood in the market. And inevitably, the world is divided in two again:
1. Those who are now overexposed and will sell in panic.
2. And those who are ready to buy your bags.
Choose your side.
Just to clarify, I am talking about ALTs. BTC will trade above $60,000 soon.”
Although Inmortal is bearish on most altcoins, he sees Ethereum (ETH) printing a new all-time high (ATH) after going through a new accumulation phase.