A closely watched analyst says that fear of missing out (FOMO) could push a wave of retail traders into Bitcoin (BTC).
The pseudonymous trader known as Immortal tells his 194,900 Twitter followers that BTC has been consolidating below the $30,000 price level for so long that a break above the psychological area could be huge for the king crypto.
“350 days under $30,000 and counting.
I don’t know when, but I know that the break of $30,000 will trigger retail FOMO.”
According to the trader, BTC is currently trade in a range between $25,600 and $28,400, with possible entry points for bulls at the bottom.
Immortal says that Ethereum (ETH) is doing something similar to BTC, consolidating for a long time below the psychological $2,000 level. According to a chart shared by the crypto strategist, ETH could briefly rally above $2,000 only to correct as high as $1,500.
“The ETH structure is so beautiful.
> 386 days of accumulation below $2,000
> Consecutive macro high lows
(Give me another new proof of $1,500 please)”
Looking at other altcoins, Immortal says that Ethereum’s rival Solana (SOL) looks set to bounce back from its bear market and outperform Bitcoin during the next market surge.
The popular trader says he spent a lot of time on SOL because he believes the crypto asset has managed to regain its trading range for the year.
“I bought more SOL place here.
1. The price is back within the range of 2023
2. The price is back within the range of 2023
3. The price is back within the 2023 range.”
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