A closely followed crypto strategist is predicting what’s in store for Bitcoin (BTC) and smart contract platforms Ethereum (ETH) and Solana (SOL).
Pseudonymous crypto analyst Pentoshi tells his 475,500 Twitter followers that while he’s bearish on BTC, he expects it to bounce before continuing its corrective trend.
“BTC. Bias is still this for the lower high before new lows.”
The analyst sees Bitcoin rallying close to resistance at $46,000 before printing bearish lower high structure. However, Pentoshi says that the bounce can potentially take Bitcoin above $50,000.
“I think $53,000 is the highest it can go for now. But first, it has to work through that supply area (around $46,000). (We spent weeks there).”
The crypto trader is also bearish on Ethereum, saying that the leading smart contract platform’s next rally will fall short.
“I think this goes for the red box and when it gets there will off-load the remainder of my BTC.
Logical area for a lower high and supply to come in w/ current market structure. Will also focus on high timeframe charts like this and just trade low timeframes privately.”
Looking at Pentoshi’s chart, the analyst predicts an ETH rally to $3,500 before a steep corrective move to $2,000.
The last coin on the trader’s list is Solana, which Pentoshi says is at risk of igniting a sell-off event if it fails to hold support at $130.
“Do you see any supports below here? Bounces are for selling.”
Featured Image: Shutterstock/WhiteBarbie/Tithi Luadthong