A widely followed crypto strategist believes that shallow corrections are the norm for Bitcoin as BTC flashes strong upside momentum.
Pseudonymous analyst Pentoshi tells his 864,500 followers on the social media platform X that Bitcoin looks bullish amid sustained demand from corporations and exchange-traded fund (ETF) investors.
According to the trader, the steady inflows suggest that a drop below $100,000 would represent the bleakest scenario for BTC at this stage.
“I’d only be concerned for BTC if we lost [$104,000] and started to close under the previous all-time high closes and range highs. Absolute worst case in my opinion would be mid $90,000s. For now, we are trading above. So, bias should be continuation.
Even then, I don’t think there’s enough supply to stay down for long at the rate it’s being GOBBLED up.
ETFs have that gluck gluck 3000 going and are sucking supply dry, absolutely milking it and same with Saylor
The printers never truly stop.”
Source: Pentoshi/X
At time of writing, Bitcoin is trading for $108,959.
According to Pentoshi, Bitcoin is on track to break out against gold, ultimately leaving the precious metal far behind.
“At some point, BTC is going to make new highs vs Gold and never look back.
The fastest growing ETF in history tells you everything you need to know, as well as the companies getting exposure.”
Source: Pentoshi/X
Turning to the layer-1 protocol Solana, the analyst thinks SOL will head above $200 if it manages to convert the $180 resistance into support.
“SOL hit $187 today.
Flip this area to support, and we see $220 next in my opinion.”
Source: Pentoshi/X
At time of writing, SOL is worth $176.
Generated Image: Midjourney
