Pentoshi Predicts Bitcoin Rally To New ATH, Ethereum Has A Bright Future Ahead
Accoriding to a popular crypto market analyst and trader, known as Pentoshi, Ethereum (ETH) is holding on to a key support level as Bitcoin (BTC) is getting ready for immediate price discovery.
Bitcoin (BTC) ready for new all-time high
Pentoshi shared with his 337K Twitter followers that Bitcoin has critical support in the $58,000 level.
According to the analyst, as Bitcoin maintained that level when this new week began, it’s likely that BTC is ready to move toward the $65,000 range and threaten new all-time highs again.
“BTC continues to hold that important 58k area
Weekly low is likely already in and I’d guess price discovery this week based off that retest we had early.”
Pentoshi is also looking into the second largest digital asset, Ethereum. He points out that the leading smart contract platform currently is looking into 7 days of net-negative issuance.
As part of the London hard fork upgrade was implementing a new fee structure that takes a portion of ETH from each transaction fee and burns it.
Pentoshi points out that with the recent deflationary nature of Ethereum’s tokenomics, combined with some bullish price action, the future for for ETH looks incredible.
“Most interesting note, it had negative net issuance (truly deflationary) the last 7 days. It still has another halving event in Q1-Q2 via the merge
TA-wise [technical analysis] it retested previous all-time highs and now should be confirmed as support
The analyst also looked Ethereum against its Bitcoin pair (ETH/BTC). According to him, Ethereum has one last resistance level to break, before achieving a multi-year high at the 0.10 BTC level. Looking at the trader’s chart, ETH/BTC could recording 50% gains, if it stays on course.
“ETH has one last resistance left
It’s held the trendline perfect, as well as the 3-year PoB [proof-of-burn]
Its next independent breakout should send it trending towards .10-11 BTC and price discovery on USD [US dollar] pair.”
