A closely followed analyst says that the fear of missing out (FOMO) could push a wave of retail traders back into Bitcoin (BTC).
The pseudonymous trader known as Inmortal tells his 194,900 Twitter followers that BTC has consolidated below the $30,000 price level for so long that a break above the psychological area could be massive for the crypto king.
“350 days below $30,000 and counting.
I don’t know when, but I know that $30,000 breakout will trigger retail FOMO.”
According to the trader, BTC is currently trading in a range between $25,600 and $28,400, with potential entry points for bulls sitting at the bottom.
Inmortal says that Ethereum (ETH) is doing something similar to BTC, consolidating for a long time under the psychological level of $2,000. According to a chart shared by the crypto strategist, ETH could briefly surge above $2,000 only to correct all the way down to $1,500.
“ETH structure is so beautiful.
> 386 days accumulation below $2,000
> Consecutive macro higher lows
(Give me another $1,500 retest please)”
Looking at other altcoins, Inmortal says that Ethereum rival Solana (SOL) looks set to rebound from its bear market and outperform Bitcoin during the next market surge.
The popular trader says he went long on SOL as he believes the crypto asset has managed to reclaim its trading range for the year.
“Bought more SOL spot here.
1. Price is back inside 2023 range
2. Price is back inside 2023 range
3. Price is back inside 2023 range.”
Generated Image: Midjourney
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