The famous cryptocurrency analyst, nicknamed Pentoshi, predicts that the Bitcoin (BTC) rally will hit all-time highs. He also voices two bull catalysts for BTC. cryptocoin.comPentoshi, a popular crypto strategist whose analysis we have covered before, charts a path for a strong Bitcoin (BTC) boom on its way to an all-time high.
“bullish” predictions for Bitcoin
Pentoshi, the pseudonymous crypto analyst, told his 526,300 Twitter followers that he sees a potential scenario where Bitcoin continues to push higher lows and ignites a parabolic rally to $72,000. Pentoshi said, “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 over 83% upside potential.
Pentoshi, who has been a Bitcoin bear for the past few months, is now in an uptrend as he says BTC could receive an influx of demand these weeks. The crypto strategist says that one of the key catalysts of a Bitcoin rally is the intention to buy around $1 billion worth of BTC to add to the reserves of Ethereum rival Terra (LUNA). “My man Do Kwon is about to add $1.2 billion worth of BTC to his reserves. I think it will start this week.”
Terra (LUNA)’s movements matter
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 buy king crypto for $500 million through Bitcoin bonds. The analyst says:
Man, what if a country buys $500,000,000 worth of BTC all these weeks and then likes it, uses the rest to get it out of a volcano, and owns this city, a Bitcoin city…
In February, Blockstream’s Samson Mow told beINcrypto that investor commitments for the country’s Bitcoin-backed bonds exceeded $500 million.
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