Bitcoin will stagnate and now it’s time for Ethereum to grow, analyst points out
After a weekend of tepid Bitcoin (BTC) trading, in which altcoins like Shiba Inu (SHIB) rose more than 50%, analysts are beginning to predict that a new altcoin season would be emerging.
According to a popular cryptocurrency analyst, in this scenario, Bitcoin could take hold for some time. Meanwhile, Ethereum would lead the way up among altcoins.
For the analyst known as Inmortal, despite Bitcoin’s recent fix, its potential is still very large. The analyst forecasts the BTC going to $100,000 in 2021. However, according to him, this will not be now in the short term.
For Inmortal, Bitcoin price lateralization can take several weeks. During this period, other cryptocurrencies may make new price spikes.
“BTC/USD: The price is currently testing the weekly open as resistance. If we go down, the next area of interest is $58,000 (minimum not taken and KEY level), maybe a good place to shop. It depends on the reaction”, he said.
In addition, he pointed out that the BTC may consolidate below its historic high for a while.
“So, in this scenario, altcoins will rise and weeks later another bullish stage for the BTC. These are just my personal thoughts. In any case, if the BTC finds acceptance above $62,000 (weekly opening and old demand), I think we could see a movement of up to $67,000,” he pointed out.
Ethereum
Inmortal had previously predicted that Ethereum would exit an upstream channel en-route to $6,300 by mid-November. According to the trader, the Ethereum rally will boost other altcoins to do the same:
“BTC consolidates at around $60,000 for a few weeks, so ETH takes the altcoins to heaven.”
In addition to Ethereum, an altcoin on Inmortal’s radar is the decentralized Chainlink (LINK) network. For the strategist, the cryptocurrency is poised for a rise of 66%.
“$50 is just a matter of time,” he said.
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