Trader Says Bitcoin Forming a Parabolic Structure, Predicts Two Large-Cap Altcoins Primed To Rally
A popular crypto analyst and trader is predicting major rallies for Bitcoin and two large-cap altcoins as the crypto markets continue to flash signs of strength.
The pseudonymous trader known as Inmortal sees Bitcoin (BTC) showing signs that it is gearing up for a parabolic move. According to Inmortal, the current price action is reminiscent of BTC’s consolidation in late 2020 before the king crypto launched a massive move from around $26,000 to $42,000.
“The current PA (price action) inevitably reminded me of the December 2020 PA.
Consolidation under resistance, vertical accumulation, re-accumulation/bear trap.
The three most common structures in a parabolic stage.
Of course, this is just a fractal. The price may not unfold in the same way.
But it is always beneficial for our knowledge to compare structures”
Taking a look at the decentralized oracle network Chainlink (LINK), the trader says he expects the altcoin to continue consolidating below $30 before igniting a strong move up.
“I like the strength that LINK is showing here.
The plan accumulate around this level and sell at $35-$44.”
At time of writing, Chainlink is trading at $25.64, according to CoinGecko. A move to $35-$44 would represent a 37%-73% gain from current prices.
Finally, Inmortal notes that FTT, the native token for crypto derivatives exchange FTX, looks like one of the top performers amid BTC’s dominance over the market throughout the past few weeks.
He’s expecting the exchange token to bottom around $57 before running back to its all-time high above $80.
“FTT is one of the strongest alts while BTC is flying. That’s a good sign.”
FTT is trading at $56.64 at time of writing, according to CoinGecko.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Andy Chipus/prodigital art/Salamahin
The post Trader Says Bitcoin Forming a Parabolic Structure, Predicts Two Large-Cap Altcoins Primed To Rally appeared first on The Daily Hodl.