A closely watched crypto strategist and trader says a Bitcoin rally is minor. This is because he believes the momentum is heading towards the BTC bulls’ side.
The analyst, known by the pseudonym Pentoshi, told his 546,900 Twitter followers that the bears tried hard to lower the price of Bitcoin, but did not get the desired result.
Along with his prediction, the crypto strategist also included an inverted Bitcoin chart showing extremely high trading volume despite minor price swings. shared.
“Why is this happening? Why is there so much volume at high levels? Lots of coins are changing hands with very high effort. But are sellers rewarded at that price? It doesn’t look like that.”
According to the strategist, the failure of the bears to lower Bitcoin value despite the high selling pressure indicates that the momentum is about to shift in favor of the bulls.
“Markets are like a pendulum. The momentum swings and then there is a moment when it stops. That’s the point. That happens quite often. Albeit temporarily. Finally, when one side gets too aggressive but with no results, the pendulum swings in the other direction.”
Pentoshi thinks Bitcoin could gain more bullish momentum as BTC turns the $31,000 resistance to support.
“For BTC, I think we will be able to squeeze to 34K IF this 31K field is turned into support. For now, this is my bias point to trade.”
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.