A closely watched analyst believes investors will have one last chance to accumulate Bitcoin (BTC) and Ethereum (ETH) at lower levels before the markets witness the next bull phase.
Pseudonymous analyst Rager tells his 199,300 followers on the social media platform to hold some capital on the sidelines, waiting for another pullback.
According to Rager, Bitcoin and Ethereum might be able to do that to see a correction around the April halving, when BTC miners’ rewards will be halved.
“Holding positions and waiting for the pullback of BTC and ETH in the coming months to buy around the halving.
That will be the last big opportunity for this cycle.”
Taking a closer look at Bitcoin, Rager thinks BTC is poised for a short-term pullback. According to the analyst, its expected retracement will pave the way for Bitcoin to rise above $60,000.
“The uptrend from the bottom mainly consisted of a few days of strong price action, followed by many price declines and pullbacks.
The only period of sustained upside without a substantial pullback was from October to January, when we saw the approval of the BTC spot ETF (exchange-traded fund) [being] run forward.
Bitcoin and the market in general have a lot of upside opportunities, but can expect a pullback in the short term. After a pullback and people being bearish, it is likely that we will see another breakout to the upside breaking $60,000 for the first time since 2021.”
At the time of writing, Bitcoin is trading at $51,683.
As for Ethereum, Rager thinks the top smart contract platform’s native assets are about to soar higher.
“The question is how long can ETH stay above $3,000 this time?
The target remains $3,500 for this run-up, and with the ETH spot ETF discussion I think we can achieve this sooner rather than later.”
At the time of writing, ETH is worth $3,031.
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Featured image: Shutterstock/TadashiArt