A closely tracked crypto analyst is mapping out how he believes Bitcoin (BTC) and Solana (SOL) will perform for the rest of the year.
Pseudonymous analyst Inmortal tells his 179,200 Twitter followers that he sees Bitcoin trading within wide range for the next six months.
“You will be bored to death the rest of the year.
Revisit $25,000-$27,000 to make people panic sell.
Revisit $38,000 to make people FOMO buy.
This is how they steal your precious coins.”
In the short term, Inmortal predicts that Bitcoin will rally toward its immediate resistance at $32,500.
At time of writing, Bitcoin is changing hands for $31,189, up over 5% in the last 24 hours.
Next up is smart contract platform Solana. According to Inmortal, SOL appears to be following Ethereum‘s market structure between July 2017 to January 2021, when ETH printed its previous cycle high of $1,400 before losing 95% of its value and carving a bottom at around $70.
“ETH vs. SOL.”
Looking at Inmortal’s chart, the crypto analyst predicts that SOL will bottom out at $20 by the end of this year before launching a new bull market.
In the short term, however, Inmortal is bullish on SOL as he says the altcoin is down big from its record high.
“I’m buying more SOL here.
After a -86% from [its] all-time high, for me, it’s a lifetime opportunity.”
Based on Inmortal’s chart, SOL has printed a bullish divergence on the daily chart, suggesting the possibility of short-term trend reversal.
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Featured Image: Shutterstock/solarseven