Analyst Pentoshi Predicts Short-Lived Rallies For Bitcoin & Ethereum
According to popular crypto trader, known as Pentoshi, Bitcoin (BTC) and Ethereum (ETH) could see upwards movement, but warns that they might not last.
Bitcoin (BTC)
The crypto expert shared with his 554K followers on Twitter an inverted chart of Bitcoin to show that BTC bears look almost completely exhausted.
“This looks tired. So many trapped longs there at the highs for BTC with that volume of people FOMOing in. Wouldn’t be surprised if they puke positions soon. Sometimes you need to look at your charts in a different way.”
The inverted BTC chart above shows that Bitcoin printed a bearish lower-high setup, which would indicate that a move to at least $36K could be in the books.
At time of writing, BTC trades at $29,607, up 1.34% on the daily chart.
Ethereum (ETH)
Moving on to Ethereum, Pentoshi believes that ETH could be ready for a relief rally. However, he projects that Ethereum would fall below support at $1,700 in the coming months, before the shifting to a proof-of-stake consensus mechanism, which is currently scheduled in August 2022.
“For the people asking. Short term, in my opinion, up. But before the Merge, we take out this heinous crime of equal lows on ETH.
I’ve yet to ever buy mine back that I sold at $4,100 (yes missed all ETH rallies) including the big one to $3,600. I made $0 on that.
In summer. these [will be] taken out, in my opinion.”
At time of writing, ETH trades at $1,976, down 0.2% on the daily chart.
Looking into the crypto market in general, the analyst believes that his projected rallies won’t last long, and the bounce will trigger the next leg down.
“Sometimes in order for price to make new lows, price must go up first to gather strength. If you are breaking down a door with a hammer, it’s easier to break the door if you swing it back first. I think for new lows, first you must trap late longs.”
