The popular crypto strategist has outlined a remarkable roadmap for a strong Bitcoin (BTC) boom on its way to an all-time high and shared it with the crypto community.
Popular crypto analyst Pentoshi told his 526,300 Twitter followers that he sees a potential scenario where Bitcoin continues to rise with higher lows and sparks a parabolic rally to $72,000.
“Instead, I now offer an alternative. I believe we need to change direction and go for the second option.”
Bitcoin is currently trading at $39,233. A rally to Pentoshi’s target represents an upside gain of over 83%.
Pentoshi, who has been waiting for a drop in Bitcoin for the last few months, seems to have a bullish expectation now as he says that BTC may experience an increase in demand in the coming weeks.
Alongside these, the crypto strategist also touched on one of the key catalysts of the potential Bitcoin rally. According to the analyst, it is a bullish sign that Ethereum rival Terra (LUNA) has the intention to buy around $1 billion worth of BTC to add to its reserves.
“Do Kwon is about to add $1.2 billion worth of BTC to its reserves. I think it will start next week.”
The Terra Protocol will be one of the largest holders of $BTC@saylor beware
— Do Kwon 🌕 (@stablekwon) March 2, 2022
Do Kwon, founder and CEO of Terra developer Terraform Labs, said earlier this month that the company plans to become one of the largest BTC holders.
Another catalyst that could send BTC to all-time highs, according to Pentoshi, is El Salvador’s plan to purchase $500 million worth of leading cryptocurrencies via Bitcoin bonds.
In February, Blockstream’s Samson Mow told beINcrypto that investor commitments for the country’s Bitcoin-backed bonds exceeded $500 million.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.