Bitcoin Dips Below $100,000 Before $120,000 Surge Predicted

A widely followed crypto analyst has predicted that Bitcoin (BTC) is poised to surge to $120,000, but notes that the cryptocurrency must first experience a dip below the $100,000 mark. The analyst, known by the pseudonym Inmortal, shared this prediction with their 232,000 followers on the social media platform X. According to the analyst's chart, Bitcoin is expected to take a dip before rising to $120,000 sometime during the last week of May.

The analyst also commented on the second-largest crypto asset by volume, Ethereum (ETH), suggesting that an "ETH season" is about to begin. The analyst advised investors to position themselves accordingly, noting that those who chose to purchase meme coins over Solana (SOL), Ethereum’s biggest rival, have yet to notice the potential gains. The trader’s chart indicates that ETH could rise significantly against BTC during the second half of the year before crashing back down, albeit still at a new local high. The analyst emphasized the unpredictability of the market, stating, "Imagine if ETH [does] this. No one expects it, and everyone would chase it."

At the time of writing, Bitcoin is trading at $102,519, marking a fractional decrease over the last 24 hours. Ethereum is valued at $2,513, reflecting a 2.2% decrease in the last day. The analyst's prediction underscores the volatile nature of the cryptocurrency market, where dramatic price swings are not uncommon. Investors are advised to approach this prediction with caution, as the cryptocurrency market is known for its unpredictability and the potential for significant losses. The analyst's forecast highlights the need for thorough research and a well-diversified investment strategy for those considering entering the cryptocurrency market.