A top trader who nailed the end of the 2021 Bitcoin bull market says people should start looking at BTC from a different perspective.
Pseudonymous analyst Pentoshi tells his 766,100 followers on the social media platform X that Bitcoin traders calling for tops should look beyond the charts.
[adinserter block="1"]According to the analyst, a number of factors are working together to push Bitcoin to uncharted bullish territory.
“I think the correct way to view crypto, as opposed to always trying to call tops right now is to widen your time horizon.
The BTC exchange-traded fund (ETF) was the most bullish ETF in history. The suits love it, people wanted it and didn’t know how to buy it. It will become easier to use, with a better user interface, and more people will be onboarded.
Central banks will print money, they always have and have shown they can’t stop. So, no matter what, this should in theory drift up and to the right on any large time frame.
When Covid happened, I originally thought that those types of stimmies would never happen again, and maybe they won’t.
But what did happen is a generational mindset shift where people are online more, they gamble more, and in the current world system, this may be the only way out.
So stop trying to call tops, zoom out, and think about where it’s heading a decade from now. Higher.”
Pentoshi is also looking at TOTAL3, which tracks the total market capitalization of all crypto assets excluding Bitcoin, Ethereum (ETH) and stablecoins. The trader shares a chart suggesting that the altcoin market is gearing up for rallies after taking out a key resistance level.
“We haven’t seen anything yet, in terms of alts. It’s a matter of when, not if.”
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
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 assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
