Retail FOMO To Flood Bitcoin

A well-known analyst suggests that some individual traders may feel the need to invest in Bitcoin (BTC) once more due to the fear of losing out on potential profits.

Inmortal has recently shared that Bitcoin (BTC) has been in a period of consolidation below the $30,000 price point for a significant amount of time. Inmortal believes that surpassing this psychological barrier could have a noteworthy impact on the entire cryptocurrency market.

“350 days below $30,000 and counting.

I don’t know when, but I know that $30,000 breakout will trigger retail FOMO.”

He believes that BTC is presently being traded within a range of $25,600 to $28,400. The trader suggests that there are potential entry points for bullish investors available at the lower end of this range.

According to Inmortal, Ethereum (ETH) is currently experiencing a consolidation phase similar to Bitcoin (BTC) under the significant psychological level of $2,000. A chart shared by the crypto strategist suggests that ETH might briefly rise above $2,000 before correcting downward to $1,500.

“ETH structure is so beautiful.

> 386 days accumulation below $2,000
> Consecutive macro higher lows

(Give me another $1,500 retest please)”

At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $25,482.

According to a reputable analyst, Bitcoin’s (BTC) current market pattern is similar to the one observed before the cryptocurrency’s surge in 2020.

According to an analyst known as TechDev, the monthly chart of Bitcoin displays a resemblance to the price movement of BTC roughly three years ago, just before the leading cryptocurrency skyrocketed from $10,000 to over $60,000.

The trader presented a chart demonstrating the similarities between the two setups. These similarities include breaking the bear market resistance and retesting horizontal support.

“We’ve seen this monthly Bitcoin setup before.

At the start of the last impulse.”

Stay tuned for more news and make sure to check out the markets as well.