A widely followed trader flags a crucial price area for Bitcoin (BTC) that could have a meaningful impact on the broader crypto market.
Pseudonymous analyst Inmortal tells his 235,500 followers on X that altcoins will likely get hammered hard if Bitcoin loses a key support level.
“$108,000 is the line in the sand.
Below $108,000-30% on altcoins
Ranging between $108,000-$120,000: Sideways + good moves on outperformers
Above $120,000: two to five weeks of altseason.”
Based on the trader’s chart, he seems to predict that BTC will soar to new all-time highs if bulls defend $108,000. At time of writing, Bitcoin is trading for $112,853.
Looking at Ethereum (ETH), the analyst flags $4,000 as a golden opportunity for long-term investors.
“This area is a gift, in my opinion.”
At time of writing, ETH is worth $4,197.
Inmortal is also bullish on the native asset of the layer-2 Ethereum scaling solution Mantle (MNT). According to the trader, MNT looks poised for rallies after respecting support at around $1.45.
“MNT ended up being an outperformer.
Nobody expected it, and that’s exactly why it happened.”
Looking at the trader’s chart, he appears to predict that MNT will hit $2.60. At time of writing, MNT is trading at $1.73.
