350
137 shares, 350 points

A popular crypto strategist and trader predicts that Bitcoin will start a rally above $50,000 but warns that BTC may not continue to rise. Pentoshi, the pseudonymous crypto analyst, said he expects Bitcoin (BTC) to show a lower setup above $50,000 before continuing the downtrend.

What awaits Bitcoin (BTC)? According to the information reached by

Kriptokoin.com , the trader says:

I think we are going to Michael Saylor’s BTC average in 2022 . But first there will be a lower high in the macro. The override is the same override we’ve had since the all-time high breakout: over $58,000 – $60,700. Selling a higher high is a very good risk reward for both parties, in my opinion. Minimum opportunity cost, maximum reward.

According to Pentoshi’s chart, Bitcoin is currently in a downtrend and looks set to revisit the macro range below $30,000 by May 2022. In the short term, however, the crypto strategist says the $40,700 support should persist as the critical price area acts as a strong resistance level for most of 2021. In technical analysis, when an asset captures a strong resistance area, the price level is often converted to support as the bulls are expected to defend their hard-won territory. As Bitcoin kicks off a rally of relief, Pentoshi believes altcoins will either trade sideways or fall further, suggesting that BTC will pull most of the liquidity from the crypto markets. Pentoshi says:

Now both alt/USD and alt/BTC [market] structure is breaking, I think the maximum pain is when BTC bounces, alt/USD gets stuck in pivodollarsars and alt/BTC bleeds to a lower Bitcoin. It will be when it reaches the top. Every time BTC.D [BTC Dominance] hits the ‘sell’ button, the market suffers.


Like it? Share with your friends!

350
137 shares, 350 points

What's Your Reaction?

hate hate
122
hate
confused confused
858
confused
fail fail
490
fail
fun fun
368
fun
geeky geeky
245
geeky
love love
1104
love
lol lol
1226
lol
omg omg
858
omg
win win
490
win
Michael Lewis

Emperor

0 Comments

Your email address will not be published. Required fields are marked *

Choose A Format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Countdown
The Classic Internet Countdowns
Open List
Submit your own item and vote up for the best submission
Ranked List
Upvote or downvote to decide the best list item
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format