Final Dip for Bitcoin Is Around The Corner Ahead Of Full-Blown BTC Bull Market

A well-respected crypto analyst predicts that Bitcoin (BTC) will experience one final downward trend before the start of a new bull market. Inmortal, who goes by a pseudonym, shares with his 198,700 followers on social media platform X that Bitcoin may encounter a significant corrective dip near the $20,000 mark before skyrocketing to a parabolic surge above $50,000.

“Last dip ever.”

According to Inmortal, Bitcoin’s current price action resembles that of its performance in the latter months of 2019. During that time, BTC broke below its support level of around $10,000 and dropped to as low as $6,000.

The trader predicts that BTC will initially fall below $24,000 before rallying towards the $30,000 price range.

However, the chart also indicates that this rally will be followed by a sharp pullback to the $21,000 level.

As of now, Bitcoin is being traded at $26,063. In terms of Ethereum (ETH), the analyst foresees that the leading smart contract platform will trade within an ascending triangle pattern in the coming months before breaking out at the beginning of 2024.

“In 2025, you would give anything to come back here. > +500 days accumulating > macro higher lows. My favorite accumulation of this bear market.”

Based on the trader’s chart, Inmortal appears to predict that Ethereum will soar above the $3,000 price area in the first quarter of 2024.

At the time of writing, Ethereum is worth $1,653.

In a recent CNBC interview, Jason Hunter, the head of technical strategy at JPMorgan, advised caution regarding the stock market.

Hunter cautioned that the S&P 500 could experience additional declines in the short to midterm as the market index reached a high of 4,607 points before showing signs of rolling over.

Despite JPMorgan’s initial bullish outlook after the market exceeded 4,200 points, technical signals started to trigger as the market approached channel resistance at 4,600 points, prompting the banking giant to adopt a bearish view for the fall period.