A widely followed crypto strategist has shared his predictions for what’s next for Bitcoin (BTC) and Ethereum (ETH) after the recent impressive gains.
Crypto analyst Pentoshi, nicknamed Pentoshi, told his 532,200 Twitter followers that as low as $44,000 would act as support for Bitcoin. However, Pentoshi added that there could be a possible spike of $53,000 as big players like Terra (LUNA) co-founder Do Kwon decide to buy more BTC.
“For now we have to wait for the annual opening (price) and the purple box to act as support. […] We want to continue to $51-53k during the next rally for BTC.”
The trader also evaluated ETH after the recent $600 million attack on the Ethereum sidechain Ronin Network. Pentoshi said that in light of the stolen ETH being sent to one of the world’s largest cryptocurrency exchanges, FTX, the attack could bode well for the price of the 2nd crypto asset to move forward and surpass the $3,600 level.
“I personally believe this is a bullish attack. Seeing ETH being sent to FTX. Imagine $36xx coming in a few days.”
Pentoshi continued his analysis, arguing that day traders cannot fight the momentum created when whales make big moves.
Alongside the $1.2 billion BTC purchase made by the Terra Foundation in mid-March, he cited a recent tweet by MicroStrategy CEO Michael Saylor announcing MacroStrategy’s $205 million loan to purchase Bitcoin.
“In the first [Terra’nın BTC alması]everyone said it won’t affect the price because the over-the-counter market [over the counter] it wasn’t hahaha.
Secondly, [Saylor’ın duyurusu]means that the price for BTC will drop.
Now you’ve bought both shorts for a while this week and people’s first thought is to keep going short instead of following the majority. I do not know.”
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.