Bitcoin Set for Six-Figure Surge, But Expect a Pullback First

A popular crypto analyst is forecasting a major rally for Bitcoin, predicting it could eventually soar to six figures, but cautions that investors should expect a possible dip before the surge.

According to Inmortal, Bitcoin is likely to briefly dip to around $85,000 before making its climb toward $100,000. He emphasizes that the cryptocurrency’s trajectory will pass through key levels, with $90,000 serving as a critical testing point before the upward movement takes place.

The trader’s chart analysis suggests that Bitcoin, which is currently trading at $87,000, will eventually break into six-figure territory sometime in May. However, before it can push past $90,000, Inmortal notes that the price must first retest its monthly opening price, which was $84,373 on March 1st.

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He emphasizes that the path to a significant rally requires careful movement through these price levels, with the potential for short-term fluctuations as part of the process.

Inmortal also offered his perspective on Solana (SOL), particularly in light of its recent downturn. He highlighted that Solana, which saw a dramatic 61% drop, is not in danger of a long-term collapse. Drawing a parallel to its performance in 2021, when SOL fell by 67% only to rebound with a massive 1,200% rally, Inmortal reassures investors that this current dip is not the end of the story. He believes Solana is well-positioned for a potential recovery, suggesting that the recent decline could serve as a springboard for future gains.

Deyan Angelov

Active crypto trader who also follows news related to stocks, the S&P 500, and gold. Deyan enjoys staying physically active, trains regularly, and practices calisthenics. He also likes reading sci-fi books when he has the time.