Pentoshi: Bulls Are Taking Control, Expects Bitcoin To Rally Soon
According to a popular crypto analyst, known as Pentoshi, Bitcoin (BTC) could soon launch a rally, as he believes that bulls could be taking charge of the market.
The analyst shared with his 547.6K followers on Twitter that bears are putting a lot of efforts to drag the BTC price down but not getting the results they want.
Pentoshi posted an inverted chart of Bitcoin showing very high trading volumes, but with very low price movement.
“Why it rounding like that? Why so much volume into the highs. A lot of coins changing hands on very high effort. But are sellers being rewarded at that price? It doesn’t look like it.”
The analyst notes that bears not being able to pull BTC price lower despite the high selling pressure indicates that momentum is about to turn in favor of the bulls.
“Markets are like a pendulum. Momentum swings and then there’s a moment where it stops. Point is. It quite often looks like this. Even if temporary. Where one side finally gets too aggressive but it doesn’t yield results, pendulum swings the other way.”
According to Pentoshi, Bitcoin has a good chance of getting more bullish momentum if it can flip resistance at $31K into support.
“For BTC I think we can squeeze to 34k *IF* this 31k area is flipped to support. For now, this is my bias point to trade off.”
