A closely followed analyst believes investors will have one last chance to accumulate Bitcoin (BTC) and Ethereum (ETH) at lower levels before the markets witness the next bull phase.
Pseudonymous analyst Rager tells his 199,300 followers on the social media platform X that he’s keeping some capital on the sidelines in anticipation of one more pullback.
According to Rager, Bitcoin and Ethereum might see a correction around the April halving, when the rewards of BTC miners get cut in half.
“Holding spot in positions and waiting for the BTC and ETH pullback in the next couple of months to buy around halving.
That will be the last great opportunity for this cycle.”
Looking closer at Bitcoin, Rager thinks that BTC is primed for a short-lived pullback. According to the analyst, his expected retracement will set the stage for Bitcoin to rally above $60,000.
“The uptrend from the bottom has been primarily composed of a few days of strong price action followed by a lot of chop and pullbacks.
The one time period with sustained grinding up without substantial pullback was from October to January where we saw the BTC spot ETF (exchange-traded fund) approval [being] front run.
Bitcoin and the market in general have a lot of upside opportunities coming but could be due for a short-term pullback. After a pullback and people flip/flop bearish, it’s likely we see another burst to the upside to break $60,000 for the first time since 2021.”
At time of writing, Bitcoin is trading at $51,683.
As for Ethereum, Rager thinks that the native asset of the top smart contract platform is poised to move higher.
“The question is how long can ETH stay above $3,000 this time?
The target remains $3,500 for this run-up, and with the ETH spot ETF talk, I think we can hit this sooner rather than later.”
At time of writing, ETH is worth $3,031.
Featured Image: Shutterstock/TadashiArt
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