Cryptocurrency market analyst Inmortal spoke about his expectations regarding the value of Bitcoin (BTC) in the coming weeks. He noted that the next 3-4 days after July 20, 2022, will be critical for further development. At this time, it will be determined whether the recent movement of the BTC price above $23,000 is a genuine breakout or just another bull trap for traders.
The expert assured that market participants should keep the value of BTC above this mark for some time to create momentum for more significant growth. If this happens, it makes sense to expect a short-term rally to the $30,000 zone. In his opinion, if this does not happen, everything could end up in an ugly rejection pattern. Now the rate of the flagship cryptocurrency, Bitcoin, needs to overcome key resistance levels to break higher.
Inmortal also named another condition that is necessary for the value growth. According to him, Bitcoin should seize the initiative from Ethereum (ETH), whose rate has been multiplying recently. This will lead the cryptocurrency market to a more stable and familiar situation. He assured me that the Ethereum course took too much initiative but should stop holding the reins of the situation in the sector.
At the same time, the Inmortal analyst noted that despite his forecast of an upcoming rally to $30,000, he is sure that this surge will not be long-term. This rise in prices should be treated as a correction after a global decline. Most likely, in a large-scale sense, this will not lead to a new bullish cycle. The strategist stressed that the bear market phase would continue in the summer, and the consolidation period would begin.