According to a top analyst, Bitcoin is gearing up for the next move after a quick correction — here’s its destination
The crypto strategist who ended the Bitcoin (BTC) bull market in 2021 says the stage appears to be set for the crypto king’s next rise.
Pseudonymous trader Pentoshi tells his 694,900 Twitter followers that Bitcoin’s recent drop has already fulfilled its previously predicted drop that Bitcoin could briefly drop below $30,000.
“I was hoping that there would be some replenishment on a pullback at $29,200, but I’ve been front-running at these prices.
We received a higher price tag of $29,800 but will treat that as a scalp.
Ultimately, I think the market structure is still fine. Nothing has changed at this point.”
According to Pentoshi, Bitcoin still looks bullish after holding support around $30,000.
“Complex pullback in support of BTC support.”
Source: Pentoshi/Twitter
Looking at the trader’s chart shows that Pentoshi predicts a Bitcoin rally towards the $32,400 level. At the time of writing, BTC is trading at $30,489.
The crypto analyst is also keeping an eye on Ethereum (ETH), which he thinks could follow Bitcoin’s footsteps next.
“In my opinion, ETH is the next place to shine.
Even with this type of structure, the trend will be toward yearly highs.
But you may be shaken along the way.”
Source: Pentoshi/Twitter
Based on the chart, the trader appears to be predicting an ETH rally near $2,150. At the time of writing, ETH is trading at $1,922.
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