An analyst known for nailing the end of the 2022 Bitcoin bull market is outlining triggers that could signal the top for BTC.
Pseudonymous analyst Pentoshi tells his 822,400 followers on the social media platform X that a Bitcoin bull market may be in the midst of topping out once the price refuses to rally despite plenty of positive catalysts.
[adinserter block="1"]“Price will eventually stop reacting to good news. Good news will no longer have an effect at all.
One day you’ll see all the signs. Or most of them happening together.”
The trader also tells his followers to keep a close watch on the performance of the Coinbase app on the App Store.
“This is one I’ve mentioned in the past, and at last cycle’s top, but it’s great to bring up now for those who haven’t seen it and has had a 100% hit rate thus far. Coinbase being the #1 downloaded app in the app store (not just finance).
This time, however, I’d also keep an eye on the Phantom app. When everyone is rushing in, there’s no one else left to buy. At the end of the day, looking at charts is just seeing human emotion. Greed to fear, and fear to greed.”
The Phantom app is a digital asset wallet that allows users to store and trade crypto and non-fungible tokens (NFTs) across Solana (SOL), Ethereum (ETH) and Polygon (MATIC).
At time of writing, Bitcoin is trading for $98,227.
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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.
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