Get the scoop on finance - sign up for mobile alerts
Bitcoin
| On
February 20, 2022

Analyst Says Bitcoin (BTC) Bulls on Life Support, Updates Outlook Ethereum (ETH), Solana (SOL) and Cardano (ADA)

By Daily Hodl Staff

A widely followed crypto strategist and trader is issuing a warning that Bitcoin (BTC) bulls are in trouble if they concede their last line of defense, while providing updates for Ethereum (ETH), Solana (SOL) and Cardano (ADA).

Pseudonymous crypto analyst Pentoshi tells his 518,400 Twitter followers that bulls must defend support at $39,000 to avoid another sell-off event for BTC.

ADVERTISEMENT

“Despite all the bullish propaganda, price still respected the levels. Bullas on life support here. I will still trade the level with reclaim but know the downside risk is high.”

Source: Pentoshi/Twitter

At time of writing, Bitcoin is exchanging hands at $39,103, down nearly 2% in the last 24 hours.

As Bitcoin is still trading above Pentoshi’s key level, the crypto analyst predicts that BTC will launch a relief rally to $42,000 before resuming its downtrend.

“Macro thoughts aside and switching to lower timeframe, BTC likely gives some relief before trying to unload again via short closing etc. Bear team 6 will, in my opinion, concede up to an underside retest before trying to advance again to bulla last defense.”

ADVERTISEMENT
Source: Pentoshi/Twitter

Looking at Ethereum, the crypto strategist also believes that the leading smart contract platform is bearish and will likely trade below $2,000 if it breaks support at $2,200.

“I will take note that there is local strength here since it held its lows ($2,200) but overall still lower highs. Trend is down. *IF* those lows break *THEN* *MOST* alts turbo nuke.”

Source: Pentoshi/Twitter

Next up is Ethereum competitor Solana (SOL). According to Pentoshi, bulls must keep SOL above $80. Otherwise, he predicts a correction down to $50.

“Do or die.”

Source: Pentoshi/Twitter

Last on the trader’s list is smart contract platform Cardano. Pentoshi says ADA is in danger of a 60% devaluation if it takes out support at $1.00.

ADVERTISEMENT

“The lights are flickering. Nothing but gravity below.”

Source: Pentoshi/Twitter
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
&nbsp
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Ola-ola/Angelatriks