Bitcoin (BTC) is being viewed as a lucrative opportunity for long-term holders, according to a renowned crypto strategist. Inmortal, an anonymous analyst with a significant following of 212,900 on social media platform X, predicts that Bitcoin will reach a new all-time high in the coming weeks.
Inmortal suggests that the current consolidation phase of Bitcoin presents an advantageous risk-to-reward ratio for long-term BTC bulls to accumulate at a favorable level. His chart indicates that Bitcoin could rally up to $76,000 in the near future, as long as it maintains support at $60,000.
Additionally, Inmortal believes that Bitcoin’s rally will not stop below $80,000 and anticipates gains of up to 119% from current levels before the bull market reaches its peak.
Inmortal outlines three key ideas about Bitcoin: firstly, that it is not too late to ride the trend if investors already hold Bitcoin; secondly, that the price may not reach as high as some people anticipate; and thirdly, that there is still room for expansion above the previous all-time high. Inmortal predicts that Bitcoin could potentially reach $120,000 to $140,000.
As of now, Bitcoin is trading at $63,650.
In addition to his bullish outlook on Bitcoin, Inmortal is optimistic about the growth of crypto projects that focus on tokenizing real-world assets (RWA). He believes that this subsector will experience significant growth in the second half of 2024, as the hype around game-fi and AI narratives shifts towards RWA.
It is important to note that the opinions expressed by Inmortal and The Daily Hodl are not investment advice, and investors should conduct thorough research before making any high-risk investments in Bitcoin or other cryptocurrencies.
