Closely followed crypto trader Pentoshi says there will be no stopping Bitcoin after BTC breaks a certain price area.
The pseudonymous trader tells his 212,000 followers that the $48,000 level is the last point before Bitcoin becomes unstoppable.
[adinserter block="1"]“Above $48,000, I think there’s nothing stopping this train. It’s the last level structurally that can constitute a lower high on the macro.
$45,000-$48,000 is very strong resistance in my opinion due to the time we distributed above it. Likely see $40,600 again before any real [breakout].”
According to the trader, all eyes are on $48,000 or a bullish higher-low setup between the high $30,000 and low $40,000 range for BTC.
As for Ethereum, Pentoshi thinks the world’s second-biggest crypto by market cap will set itself up for a bullish explosion right around the $2,700 level.
“Good area for a higher low is marked on the chart That’s the first area I’ll be bidding personally on my new trading port. I’d like to see us confirm market structure now that we have a higher high, with that follow up on the range highs flipped to support + higher low.”
The trader goes as far as to say that Ethereum will eventually flip Bitcoin, or overtake it in terms of market cap, while naming a few key catalysts to trigger it.
“ETH going to flip BTC. WIll maintain this point of view, and with everything happening in this space becoming more and more evident.
PoS (proof of stake) coming will reduce inflation further.
Issuance will fall 90%
EIP-1559 burn
Staking
Smart Contracts
NFTs (non-fungible tokens)
DeFi (decentralized finance).”
At time of writing, Bitcoin is trading at $45,687, and Ethereum is trading at $3,103 according to CoinGecko.
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Featured Image: Shutterstock/Pavel Chagochkin
