A prominent cryptocurrency analyst and trader, popularly known on Twitter as Inmortal, is predicting a massive breakout for Ethereum (ETH), the second-largest cryptocurrency by market capitalization. He added that the flagship digital currency, Bitcoin (BTC) would hit a new price all-time high by November 2021.
According to Inmortal in a series of tweets on 1st August, Ethereum (ETH) has the potential to ignite a strong rally against Bitcoin (BTC) and significantly surge to hit 0.11 BTC worth $4,200 at current prices.
The crypto analyst added that Ethereum has what it takes to flip the largest digital currency by market cap, Bitcoin.
Inmortal wrote, “This consolidation will come to an end soon. The flippening is knocking the door.”
This consolidation will come to an end soon.
The flippening is knocking the door.
— Inmortal UP ONLY (@inmortalcrypto) August 1, 2021
The price prediction of the analyst implies a potential gain of over 70% for Ethereum (ETH) against Bitcoin (BTC) from current prices. According to Inmortal, ETH/BTC could attain this height by October 2021.
Bitcoin (BTC) Could Hit $80,000 by November
The crypto trader is also foreseeing a significant rise in the price of Bitcoin (BTC). Inmortal is of the opinion that the flagship cryptocurrency could hit an all-time high of around $80,000 by November this year.
He pointed out that the current daily chart of Bitcoin looks very similar to its price trend at the start of 2020 when BTC surged from $7,000 to $10,000 within a few weeks.
— Inmortal UP ONLY (@inmortalcrypto) July 30, 2021
The trader is also expecting the current bull market to be longer than the past scenarios. He said by the first half of next year, Bitcoin could hit $150,000.
However, the trader predicted a drop of 80% in Bitcoin market value after the bull market. Inmortal said that Bitcoin price could dip to around $30,000, in a bid to enter a new phase of consolidation by 2023.
“4-year cycles on Bitcoin.”
— Inmortal UP ONLY (@inmortalcrypto) July 29, 2021