A closely followed analyst believes that Bitcoin (BTC) remains in bull territory despite widespread calls for a market downtrend.
Pseudonymous analyst Inmortal tells his 231,200 followers on the social media platform X that Bitcoin tends to witness a two-stage bull market based on historical precedence.
The trader shares a chart suggesting that the second stage of the Bitcoin bull market would last until the end of the year.
“Bull market – Stage two
BTC.”
Zooming in, the crypto strategist outlines a potential price path for Bitcoin, predicting that BTC will be stuck in a wide trading range for months before igniting a huge upside burst en route to new all-time highs.
“Something like this.
BTC.”
Based on the trader’s chart, he appears to suggest that BTC will trade between $90,000 and $76,000 until June before taking off and ascending to a new record high at around $140,000,
At time of writing, Bitcoin is trading for $83,994.
Turning to Ethereum, Inmortal says that the native asset of the top smart contract platform could spark surges after ETH’s relative strength index (RSI) indicator dropped to oversold territory on the three-day chart.
The RSI is a momentum indicator with values above 70 suggesting overbought conditions while a reading below 30 indicates oversold levels.
“Probably nothing
ETH.”
Looking at the trader’s chart, he seems to suggest that ETH tends to carve a major bottom after its RSI nears 20 on the three-day timeframe. Earlier this month, ETH’s three-day RSI plunged to 25 as Ethereum’s price collapsed to a 2025 low of $1,754.
At time of writing, ETH is trading for $1,987.
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Generated Image: Midjourney
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