Bitcoin (BTC)’s upcoming correction will send people into panic mode, crypto analyst warns – here’s its downside target
A trader believes an upcoming Bitcoin (BTC) correction will distract people from the bigger picture and cause them to overreact.
Pseudonymous trader Inmortal tells his 195,300 X-followers that he believes Bitcoin will most likely drop to the $26,000 mark later this month.
According to the strategist, the corrective action will likely inspire fear in the markets, but it would also see BTC surge above $36,000.
“Look, the next burglary people are going to panic. But it will be just another macro higher low.”
Source: Inmortal/X
Inmortal says the correction will likely be prompted by the announcement of delays in the approval of spot-based Bitcoin exchange-traded funds (ETFs). According to the crypto strategist, the shifts would put traders out of positions before regulators give the green light for a Bitcoin ETF.
At the time of writing, Bitcoin is worth $29,454.
The analyst also says that the choppy market is a harbinger of bullish price action next year. According to Inmortal, altcoins are likely to experience a strong uptrend in 2024 and 2025.
“Now that the price is going up in slow motion, don’t worry, enjoy the summer. And get ready because in 2024-2025 we’re going to be up all night trading shit coins.”
Currently, Inmortal says it is increasing its holdings in Solana (SOL) and Chainlink (LINK).
“I accidentally bought an inappropriate amount of LINK and SOL.”
At the time of writing, Solana is trading at $24.55 while LINK is trading at $7.45.
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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct their due diligence before making any risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that you transfer and trade at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.
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