Pentoshi is a name that has been analyzing the cryptocurrency market for a long time and is known for its accurate predictions. He has gained trust among his followers with his successful predictions in the past. According to his latest analysis, the price of Bitcoin (BTC) may drop in the near future, but this drop will be temporary, followed by a major rally. predicts.
The analyst, known under the pseudonym Pentoshi, said that Bitcoin (BTC) headed towards $28,000 after failing to stay above $31,000.
“If BTC returns to the range we spent two weeks in, we would expect it to eventually reach $28,000 and treat it as a divergence.”
According to the analyst, this decline can be seen as a correction in the market and may continue for a short time. However, Pentoshi predicts that this drop is not a long-term drop and that Bitcoin will rebound.
Besides, Pentoshi believes that Bitcoin will rise again in the near future and reach 2023 highs. According to the analyst, this rally will gain momentum similar to the big rallies that Bitcoin (BTC) has recorded in the past and present an important opportunity for investors.
“And then $28,000 to $40,000.”
While the analyst sees a Bitcoin pullback on the horizon, he argues the larger trend is bullish for the leading cryptocurrency.
“I expect an average response at a level where emotions are high and people surrender. But I don’t think we’re done yet. The trend is up for now. The bottom buying strategy continues to work until the end…
If you step aside, consider that the goal (to the point under discussion) is to get a net long at the bottoms.”
At press time, Bitcoin is trading at $30,312.
In a nutshell, an analyst known by the pseudonym Pentoshi predicts a short-term correction for Bitcoin, but argues that a significant rally will follow, and Bitcoin will hit 2023 highs. But as always, the crypto market has uncertainties and risks, so investors should be careful and do their own research.
You can follow the current price action here.