A widely followed crypto analyst and trader is predicting a wild Bitcoin rally as the leading cryptocurrency breaks above the key price level of $50,000.
The pseudonymous trader known as Pentoshi tells his 252,100 Twitter followers that BTC’s recovery of a crucial level is a sign that the price of the leading cryptocurrency will go higher.
“Closing above or below $50,000 doesn’t matter. Just seeing people argue over it. The algos likely flip long once a close above that PoB (point of breakdown) which we got. $50,000 is your own psychological normie number. In my opinion, $49,873 [is] more important than $50,000 and on what exchange. Details matter.”
Pentoshi’s key level of $49,873 is derived from the point of breakdown that happened during the height of the May 2021 crash. The crypto strategist highlights that the Bitcoin market is algorithmically traded and trading bots are designed to go long after BTC reclaims $49,873.
With BTC hovering above $49,873, Pentoshi says the king crypto is now primed to print a massive green daily candle.
“$49,893 as posted yesterday was the point of breakdown in May. Right now acting as support. BTC in my opinion trapping sellers and about to put a green candle where the sun doesn’t shine for bears. $5,000 candle in a day seems like something that’s being built.”
As for his bull cycle target for Bitcoin, Pentoshi believes that BTC could rally to as high as $180,000, marking a 250% upside potential from its current value of around $51,000.
“Vertical accumulation innit ‘colorized’ 2012-2021.”
Featured Image: Shutterstock/wacomka