A closely tracked analyst and trader is mapping out what’s next for Bitcoin (BTC) and Ethereum (ETH) as the two largest crypto assets continue to grind higher.
Pseudonymous crypto strategist Pentoshi tells his 530,400 Twitter followers that he expects Bitcoin to sustain its rally until BTC hits its yearly open at $46,000.
Pentoshi adds that he plans to reassess and see how Bitcoin reacts once BTC hits his near-term target.
“Still waiting to see how price trades around yearly open. The previous times I targeted it we came up short but got very close. Although this time looks better for BTC. Almost there.”
Pentoshi also says that he’s closely following the impact of the buy-side pressure coming from Terra (LUNA) co-founder Do Kwon. According to Pentoshi, Terra’s massive Bitcoin accumulation can ignite the next leg of BTC’s bull market.
“2,500-3,000 BTC per day of supply removed over a long period of time = huge impact. Those who are short have to cover higher at some point as supply itself dissipates. What is scarce, becomes more so. This clip can bring back the apes, in which [Do Kwon] is the lord of the Apes.”
Last week, Do Kwon announced on Twitter that Terra’s purchase of $3 billion worth of BTC is already underway.
At time of writing, Bitcoin is exchanging hands for $44,702.
As for Ethereum, Pentoshi says bulls must push ETH above $3,200 to open the way to his next target at $3,600.
“Definitely finding a little resistance right here at the first magnet.
But looks pretty good.
Don’t want to see it close below $2,975 on pullbacks.”
Ethereum is currently trading at $3,150.
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