Analyst Pentoshi Projects Next Moves For Bitcoin And Ethereum
A popular crypto market analyst and trader, known as Pentoshi, maps out where the two leading crypto assets Bitcoin (BTC) and Ethereum (ETH) are heading next.
Bitcoin (BTC)
The analyst shared with his 532.5K followers on Twitter that he his BTC support low target is set to $44,000.
He also notes that depending on when big players like Terra (LUNA) decide to buy more Bitcoin, it could rise to $53,000.
“For now should expect yearly open and purple box to act as support.
Potential smol (small) pullback as LFG (Luna Foundation Guard) and Do Kwon appear to be AFK (away from keyboard) from the green button.
Looking for continuation to $51-53k during the next rally for BTC.”
At time of writing, BTC trades at $45,672, down 3.13% on the daily chart.
Overall Pentoshi is very bullish on Bitcoin. He refers to $1.2 billion BTC purchase by the Terra Foundation in mid-March which preceded Bitcoin’s recent up move. Also he noted MicroStrategy CEO Michael Saylor tweet about a $205 million Bitcoin-collateralized loan with Silvergate Bank.
“So on the first one, everyone said it wouldn’t affect price bc (because) not OTC (over the counter) lol.
The 2nd one also think means price will go down for BTC.
Now you have both buying this week shortly and people’s first thought is to continue shorting into it instead of going with the flow. IDK (I don’t know.)”
Looking next into Ethereum, Pentoshi brings up the recent $624 million hack into Ethereum side-chain Ronin Network, which is a blockchain bridge to the play-to-earn game Axie Infinity (AXS).
According to the crypto trader, giving the fact that the stolen ETH was sent to FTX, one of the world’s largest cryptocurrency exchanges, the hack could actually turn out to be bullish for Ethereum going forward and move the price up to $3,600 area.
“Personally believe it’s a bullish hack. Seeing as the ETH was sent to FTX.
