A trader thinks that an incoming Bitcoin (BTC) correction will blind 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 dip to the $26,000 level near the end of this month.
According to the strategist, the corrective move will likely induce fear in the markets but it would also set up BTC for a run above $36,000.
“Look, in the next dip people will panic. But it will only be another macro higher low.”
Inmortal says that the correction will likely be triggered by the announcement of delays in the approval of spot-based Bitcoin exchange-traded funds (ETFs). According to the crypto strategist, the postponements would shake traders out of their positions before regulators green-light a Bitcoin ETF.
At time of writing, Bitcoin is worth $29,454.
The analyst also says that the choppy market condition is a precursor to next year’s bullish price action. According to Inmortal, altcoins will likely witness a strong uptrend in 2024 and 2025.
“Now that the price is going in slow motion, don’t worry about it, go enjoy the summer. And get ready because in 2024-2025 we will be up all night trading sh**coins.”
For now, Inmortal says he’s accumulating Solana (SOL) and Chainlink (LINK).
“I accidentally bought an indecent amount of LINK and SOL.”
At time of writing, Solana is trading for $24.55 while LINK is valued at $7.45.
Generated Image: Midjourney