According to a popular crypto analyst on social media platform X, Bitcoin is likely to experience a significant drop close to the $20,000 level before a surge above $50,000, marking the end of its downward trend. The analyst, Inmortal, believes that Bitcoin's current price action is similar to that of late 2019, when it fell from $10,000 to $6,000.

Inmortal's chart suggests that BTC will initially drop below $24,000 before rallying to around $30,000, followed by a steep pullback to $21,000. The analyst also predicts that Ethereum will trade within an ascending triangle pattern before breaking out in the first quarter of 2024, with a potential surge above $3,000.