A trader thinks an incoming Bitcoin (BTC) correction will blind people to 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 level by the end of this month.
According to the strategist, the corrective action is likely to cause fear in the markets, but it would also put BTC on its way to a price above $36,000.
“Look, in the next dip people panic. But it will just be another macro higher low.
Immortal say that the correction is likely to be triggered by the announcement of delays in the approval of spot-based Bitcoin exchange-traded funds (ETFs). According to the crypto strategist, the postponement would shake up traders of their holdings before regulators give the go-ahead for a Bitcoin ETF.
At the time of writing, Bitcoin is worth $29,454.
The analyst also says the choppy market conditions are a harbinger of next year’s bullish price action. According to Inmortal, altcoins are likely to do just that witness a strong upward trend in 2024 and 2025.
“With the price moving in slow motion, don’t worry, go enjoy the summer. And get ready, because in 2024-2025 we will be trading sh**coins all night.”
For now, immortal say he collects Solana (SOL) and Chainlink (LINK).
“I accidentally bought an indecent amount of LINK and SOL.”
At the time of writing, Solana is trading at $24.55 while LINK is valued at $7.45.
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Image generated: Midway through the journey