A Prominent Analyst Predicts Continued Bull Market for Bitcoin

A widely followed analyst has shared insights on the current state of the cryptocurrency market, particularly focusing on Bitcoin (BTC) and Ethereum (ETH). Despite concerns of a potential downturn in the market, the analyst remains optimistic about Bitcoin’s future trajectory.

Bitcoin Bull Market Outlook

Inmortal, a pseudonymous analyst with a significant following on social media, has outlined a two-stage bull market scenario for Bitcoin based on historical patterns. According to the analyst, Bitcoin is currently in the second stage of the bull market, which is expected to continue until the end of the year.

By analyzing charts, Inmortal predicts that Bitcoin will trade within a wide range for the coming months before experiencing a significant uptrend towards new all-time highs. The analyst suggests that BTC could potentially reach $140,000 after trading between $90,000 and $76,000 until June.

Ethereum Potential Upside

Turning attention to Ethereum, Inmortal highlights the oversold conditions of the native asset of the leading smart contract platform. With Ethereum’s relative strength index (RSI) dropping to oversold levels on the three-day chart, the analyst anticipates potential surges in ETH’s price.

According to Inmortal’s analysis, Ethereum typically forms a major bottom when its RSI approaches 20 on the three-day timeframe. Recent market movements saw ETH’s price dip to a low of $1,754, with the RSI hitting 25. Despite this, Ethereum is currently trading at $1,987, with the analyst suggesting a bullish outlook for the cryptocurrency.

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