Closely followed analyst Pentoshi Bitcoin (BTC) and smart contract platforms Ethereum (ETH), Solana (SOL).
The analyst, known under the pseudonym Pentoshi, stated in his post on Twitter that although Bitcoin is in a downtrend, he expects it to rise before continuing the correction trend.
“BTC. The bias is exactly what exists for lower highs before new lows.”
The analyst thinks Bitcoin will rally near the $46,000 resistance before a ‘below low high’ emerges. Pentoshi also thinks that the bounce could potentially push Bitcoin above $50,000.
“I think the highest it can go for now is $53,000. But first, it has to work through this supply area (about $46,000). (We spent weeks there).”
The crypto trader is also predicting a drop in Ethereum, saying that the next rally of the leading smart contract platform will fall short.
“I think this applies to the red box and when it gets there it will drain the rest of my BTC. A lower high in the current market structure and logical space for supply to come in. It will also focus on high timeframe charts like this one and only trade low timeframes exclusively.”
Looking at Pentoshi’s chart, the analyst pointed to a close to $3,500 before making a steep corrective move to $2,000. Ethereum (ETH) rally predicts.
The last asset on the trader’s list is the $130 support he thinks will trigger a selling pressure if it fails to hold. Left (LEFT) it happened.
“Do you see any support down there? Leaps are for sale.”
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.