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Home»Analysis»Imminent Bitcoin (BTC) Correction Will Cause People To Panic, Warns Crypto Analyst – Here’s His Downside Target
Analysis

Imminent Bitcoin (BTC) Correction Will Cause People To Panic, Warns Crypto Analyst – Here’s His Downside Target

2023-08-13No Comments2 Mins Read
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A trader thinks that an incoming Bitcoin (BTC) correction will blind people from the bigger picture and cause them to overreact.

Pseudonymous trader Inmortal tells his 195,300 X followers that he believes Bitcoin will most likely dip to the $26,000 level near the end of this month.

According to the strategist, the corrective move will likely induce fear in the markets but it would also set up BTC for a run above $36,000.

“Look, in the next dip people will panic. But it will only be another macro higher low.” 

Image
Source: Inmortal/X

Inmortal says that the correction will likely be triggered by the announcement of delays in the approval of spot-based Bitcoin exchange-traded funds (ETFs). According to the crypto strategist, the postponements would shake traders out of their positions before regulators green-light a Bitcoin ETF.

At time of writing, Bitcoin is worth $29,454.

The analyst also says that the choppy market condition is a precursor to next year’s bullish price action. According to Inmortal, altcoins will likely witness a strong uptrend in 2024 and 2025.

“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.” 

For now, Inmortal says he’s accumulating Solana (SOL) and Chainlink (LINK).

“I accidentally bought an indecent amount of LINK and SOL.” 

At time of writing, Solana is trading for $24.55 while LINK is valued at $7.45.

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Analyst Bitcoin BTC Correction Crypto downside Heres Imminent panic people Target warns
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