Traders and analysts said that Bitcoin (BTC) has formed a parabolic structure. It is also estimated that two large-capacity altcoin projects are preparing for the rally. cryptocoin.com We are now looking at the details of these news.
Parabolic move preparation in Bitcoin (BTC)
A popular crypto analyst and trader is forecasting big gains for Bitcoin (BTC) and two major altcoin projects as crypto markets continue to show signs of strength. The pseudonymous trader, known as Inmortal in the cryptocurrency markets, said that Bitcoin (BTC) is showing signs that it is preparing for a parabolic move. According to Inmortal, the current price action is reminiscent of BTC’s consolidation in late 2020 before the king cryptocurrency kicked off a massive move from around $26,000 to $42,000. The analyst says:
The current PA (price action) inevitably reminded me of the December 2020 PA. Consolidation under resistance, vertical accumulation, reaccumulation/bear trap. The three most common structures in a parabolic phase. Of course, this is just a fractal. The price may not be opened in the same way. But it is always useful for our knowledge to compare structures.
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2 Altcoin projects looks ready to rally
Taking a look at the decentralized oracle network Chainlink (LINK), the trader said that he expects the altcoin project to continue to consolidate below $30 before starting a strong rise. The analyst said: “I love the strength Chainlink (LINK) is showing here. The plan builds up around this level and retails for $35-44.”
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According to CoinGecko, at the time of writing, Chainlink is trading at $25.64. A move to $35-44 represents a 37-73% gain from current prices.
Finally, crypto analytics, nicknamed Inmortal, states that FTT, the native token for crypto derivatives exchange FTX, seems to be one of the best performers amid Bitcoin (BTC)’s market dominance over the past few weeks. The crypto analyst expects the exchange token to bottom around $57 before surging above the all-time high of $80. Analyst: “FTT is one of the strongest alternatives when BTC is flying. This is a good sign,” he said. According to CoinGecko, FTT is trading at $56.64 at the time of writing.
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