A widely followed crypto analyst says he expects Bitcoin (BTC) to continue surging with little to no retracement.
Pseudonymous crypto trader Pentoshi tells his 509,100 Twitter followers that he sees Bitcoin rallying to as high as $46,000 in the short term as traders stuck in the sidelines rush to catch BTC’s move.
“If this is a start of a new trend, then dips will be relatively shallow (FOMO [fear of missing out] + lifted bids) large limit orders further down are unlikely to fill or only partially fill…Â
Likely enough to go to $44,000 – $46,000. How a market moves is also important.”
Last week, Pentoshi flipped bullish on Bitcoin after being bearish on BTC in the last few months as the top crypto bounced off support around $33,000.
“As BTC enters the green zone, my bera watch ends, and bulla watch begins. Crazy how that works. Months of macro-based bear posting after a deviation. Soon most will think it’s over when it really just begins. Billionaires, nations, institutions compete for scarcity.”
Although Pentoshi is bullish on Bitcoin, he predicts that most altcoins will likely underperform.
“Here’s how I see things. As long as BTC holds $39,000 (as prev stated), then yearly open ($46,000) up next.
In my opinion, 80% of alts will lag, 20% will lead/follow.”
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