- Pseudonymous trader, Inmortal, foresees Bitcoin’s decline to $26,000, predicting panic among investors.
- The correction might be provoked by delays in the Bitcoin ETF approvals, setting BTC up for a surge past $36,000.
Behind the Predicted BTC Correction
Prominent crypto strategist, Inmortal, recently conveyed his predictions to his expansive audience of 195,300 followers on platform X. According to him, Bitcoin (BTC), the pioneer and flagship of cryptocurrencies, is slated for a downturn to the vicinity of $26,000 toward the month’s conclusion.
However, as many seasoned traders would note, the market’s response to such predictions is often more consequential than the price movement itself. This potential drop, Inmortal anticipates, could cause an irrational panic among investors, causing many to lose sight of the broader trajectory. In his exact words,
“In the next dip, people will panic. But it will only be another macro higher low.”
Unraveling the Drivers: What’s Behind Bitcoin’s Anticipated Plunge?
Inmortal deduces that the anticipated delays in the approval of spot-based Bitcoin exchange-traded funds (ETFs) could be the prime mover. Historically, market psychology plays a pivotal role in shaping price trends. The mere delay in Bitcoin ETF approvals could induce a perception of skepticism, compelling traders to hastily abandon their positions. However, this short-lived chaos may just be the storm before the calm, as these very setbacks could lay the foundation for a regulatory nod for Bitcoin ETFs in the near future.
At the moment of the article, Bitcoin stands at a valuation of $29,454.
Furthermore, casting a more extended forecast, Inmortal hints at a brighter horizon for the crypto market. He believes the current erratic market behavior prefigures a bullish curve set to manifest in the upcoming years, specifically 2024 and 2025. Elucidating on this, he mentioned,
“Now that the price is going in slow motion, don’t worry about it, go enjoy the summer. And get ready because in 2024-2025 we will be up all night trading sh**coins.”
Highlighting his personal investment choices, Inmortal revealed accumulating significant quantities of Solana (SOL) and Chainlink (LINK), two notable altcoins in the crypto arena. Current market statistics depict Solana and Chainlink trading at $24.55 and $7.45, respectively.