A popular crypto strategist and trader predicts that Bitcoin will start a rally above $50,000 but warns that BTC may not continue to rise. Pentoshi, the pseudonymous crypto analyst, said he expects Bitcoin (BTC) to show a lower setup above $50,000 before continuing the downtrend.
What awaits Bitcoin (BTC)?
cryptocoin.comAccording to the information reached by , the trader says the following on the subject:
I think we’re going to Michael Saylor’s BTC average in 2022. But first there will be a lower high in the macro. The override is the same override we’ve had since the all-time high breakout: over $58,000 – $60,700. Selling a higher high is a very good risk reward for both parties, in my opinion. Minimum opportunity cost, maximum reward.
According to Pentoshi’s chart, Bitcoin is currently in a downtrend and looks set to revisit the macro range below $30,000 by May 2022. In the short term, however, the crypto strategist says the $40,700 support should persist as the critical price area acts as a strong resistance level for most of 2021. In technical analysis, when an asset captures a strong resistance area, the price level is often converted to support as the bulls are expected to defend their hard-won territory. While Bitcoin is starting a relief rally, Pentoshi believes altcoins will either trade sideways or fall further, suggesting that BTC will pull most of the liquidity from the crypto markets. Pentoshi says:
Now alt/USD and alt/BTC [piyasa] structure is both breaking, I think the maximum pain will be when BTC bounces off, alt/USD gets stuck in pivots and Bitcoin reaches a lower top while alt/BTC bleeds out. BTC.D [BTC Dominance] Every time he hits the ‘sell’ button, the market suffers.
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