KOL Inmortal Says Bitcoin Is Preparing For Parabolic Movement And Predicts A Breakout In 2 Large Cap Altcoins

A prominent analyst predicts big rallies for Bitcoin and two large cap altcoins as the crypto market continues to show signs of strength.

The analyst, nicknamed Inmortal, sees Bitcoin (BTC) preparing for a parabolic move. According to Inmortal, the current price action is reminiscent of the BTC consolidation in late 2020 before the crypto king initiated a massive surge from around $ 26,000 to $ 42,000.

“Bitcoin’s current price campaign reminds me of the December 2020 price campaign.

Consolidation Below Resistance, Vertical Consolidation, Accumulation / Bear Trap.

The three most common structures in a parabolic phase.

Of course, this is just a fractal. Price cannot move in the same direction.

But it can rhyme. ”

The source: Immortal / TradingView

Considering the oracle network Chainlink (LINK), the analyst said he expected the altcoin to consolidate further below $ 30 before triggering a strong upward move.

“I like the strength that LINK shows here.

The plan is to accumulate this level and sell in the $ 35-44 zone. ”

The source: Immortal / TradingView

At the time of writing, Chainlink is trading at $ 25.64, according to CoinGecko. An increase to $ 35 to $ 44 would represent a 37% to 73% increase from the current price.

Finally, Inmortal noted that FTT, the native token of the FTX exchange, looks like one of the top performing altcoins as BTC has dominated the market for the past few weeks.

He expects the token to hit a higher low at $ 57 before dropping back to an all-time high above $ 80.

“FTT is one of the strongest altcoins when BTC is flying. That’s a good sign.”

The source: Immortal / TradingView

FTT is trading at $ 56.64 at press time, according to CoinGecko.

Here you can see the coin prices.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

According to Dailyhodl

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page