An analyst who accurately predicted the top of Bitcoin’s (BTC) 2021 bull market suggests that the leading cryptocurrency is preparing for an explosive rally. Additionally, the analyst is updating his outlook for two altcoins.
Bitcoin is preparing for something big!
cryptokoin.comAs you follow from , the cryptocurrency market has caught a new positive wave. Leading cryptocurrency Bitcoin exceeded 31 thousand dollars and continues on its way. Most altcoins followed suit. However, there are also question marks about the continuation of its rise. However, the analyst with the pseudonym Pentoshi tells his 703,300 followers on social media platform X that Bitcoin’s recent gradual rise is setting BTC up for a major upward move. In this context, the analyst shares the following evaluation with his followers:
This slow rise in BTC reminds me of rallies that eventually lead to much larger moves.
The analyst continues to look at BTC before altcoin projects. According to Pentoshi, Bitcoin will probably not rise in a straight line. However, the analyst suggests that the declines will be short-lived. In this regard, Pentoshi said, “There will be some sharp pullbacks in BTC. But if this is a new trend, they will probably be short-lived.” He comments. At the time of writing, Bitcoin was trading at $31,731, up 6.44% on a daily basis. BTC also posted a double-digit gain of 11.33% on a weekly basis.
According to the analyst, this altcoin is ready to hit its target
Pentoshi then looks at the price action of the decentralized oracle network Chainlink (LINK). The analyst says LINK has already broken out of the large accumulation range. He also notes that he is now ready to hit his target near $12. The analyst expresses his views on this issue as follows:
There were people praising it for a year. All things considered, I think this is a huge time + opportunity cost. With such an exit, you do not have to pay in terms of time. You can usually rent tokens on a short-term basis and then return them to the market.
At press time, LINK was trading at $10.27, up over 9% on a daily basis. The altcoin is also sitting above gains of around 37% on its weekly chart.
““The LEFT will see a brief retreat before a breakthrough.”
Finally, Pentoshi is moving to smart contract platform Solana (SOL). The analyst thinks that the altcoin price will witness a brief pullback below $26 before rallying towards its target of $36. He explains his predictions on this subject as follows:
As promised, here are a few charts that I’m trying not to do this year. SOL was one of them and deserves an update. I think we will see something like this in the short and medium term. In my opinion, a great blue chip with high capitalization (opinion only).
At press time, SOL was trading at $29.82, up 3.46%. In addition, the altcoin recorded a 24.5% increase on its weekly chart.
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