A top crypto trader is expressing bullish sentiment on Bitcoin (BTC) after the flagship crypto asset recovered from three-month lows.
Pseudonymous analyst Pentoshi tells his 693,200 Twitter followers that Bitcoin could rally to around $32,500, a level last hit in May of 2022.
The analyst says that his bullish thesis is informed by the fact that Bitcoin recorded a higher low at the $25,000 price level and also respected the $26,700 level.
“BTC to $32,500 on high time frames.
Higher lows at must-hold level of $25,000.
Reclaimed and then retested $26,700.”
Pentoshi, however, says that after waiting for at least one and a half months for Bitcoin to recover, he will only get “excited” once the flagship crypto asset has climbed above the 2023 high of around $31,000 reached in April.
“BTC: 6 – 8 weeks of waiting
Higher lows…
Only one thing left
Not going to get too excited until it’s above this year’s highs. But it’s definitely a good start.”
Bitcoin is trading at $28,851 at time of writing.
Pentoshi further says that without the news of BlackRock filing for a spot Bitcoin exchange-traded fund (ETF) and the launching of a crypto exchange backed by Fidelity Investments among others, BTC would have plummeted.
According to the pseudonymous analyst, the entry of the two legacy finance giants into the crypto space will trigger demand from the demographic born between 1946 and 1964.
“I think without Blackrock/Fidelity, we probably would have broken down
It was pretty big news in the sense of future demand for boomers.”
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