Crypto Analyst Pentoshi Projects Bitcoin’s Path To New All-Time High
A prominent crypto analyst and trader, known as Pentoshi, draws the path the leading digital asset Bitcoin (BTC) to a new all-time high.
The analyst shared with his 526.6K followers on Twitter that he has drafted two a potential scenarios for Bitcoin, where in the more bullish one BTC continues to ascend making higher lows and launches rally to $75,000.
“Instead, I now offer an alternative. I believe we should change direction and head for option 2”
At the time of writing, BTC is trading at $38,086, down 2.6% on the daily frame.
Pentoshi, has been bearish on the leading digital asset, but is now seemingly flipping bullish, due to one specific factor.
According to him, an important boost for a Bitcoin is coming Terra, which in February announced plans to purchase approximately $1 billion worth of BTC to add to its reserves.
“My boy Do Kwon about to add $1.2 billion worth of BTC to their reserves. I’d guess, starting next week.”
The founder and CEO of Terra developer Terraform Labs, Do Kwon, tweeted earlier this month that the company is planning to become one of the largest BTC holders.
The Terra Protocol will be one of the largest holders of $BTC@saylor beware
Another factor supporting Pentoshi’s projection is El Salvador’s plan to acquire $500 million worth of the BTC via its Bitcoin bonds.
“Man, what if a country, like, totally buys $500,000,000 worth of BTC in the next weeks and then like, used the rest to mine it off a volcano and had this city, a Bitcoin city…”
