Inmortal, one of the popular analysts and traders of the cryptocurrency world, stated that while the crypto markets continue to show signs of strength, a parabolic structure has formed in Bitcoin. The analyst also noted that the two major altcoins are also showing signs of rally.
Cryptocurrency analyst and trader, known in the crypto world as Inmortal, stated that Bitcoin (BTC) is preparing for a parabolic move. According to Inmortal, the current price action in BTC has claimed to show signs of the precursor to the big move (referring to the rally in late 2020) that brought the value of the leading coin from $26,000 to $42,000.
“The current PA (price movement) inevitably reminded me of the December 2020 PA. Consolidation below resistance is vertical accumulation, reaccumulation and bear trap (reminds me of these).
This represents the three most common structures that occur in a parabolic phase. Of course, this is just a fractal. The price increase may not follow last year, but comparing structures is always useful for the knowledge we have.”
Inmortal also commented on the two altcoins it expects to rally. It also closely follows the decentralized oracle network Chainlink (LINK), according to the analyst. Stating that the altcoin will continue to consolidate below $ 30 before a strong rise, the analyst said:
“I love the strength LINK is showing here. The plan builds up around this level and goes to sell at $35-44.”
According to CoinGecko data, while we are preparing this article, the LINK price is trading at $ 25.64. A move between $35-$44 represents a return of about 37% to 73% from the current price.
Commenting on FTT, the native token of crypto derivatives exchange FTX, Inmoral stated that for several weeks, one of the strongest performing tokens during BTC’s dominance in the market was FTT.
According to the analyst, FTT will experience a “bottom” near the $57 levels before reaching its all-time high of $80.
According to CoinGecko data, while we are preparing this news, FTT is trading at $ 56.64.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.