December 4, 2022

Crypto Analyst Pentoshi Expects That Bitcoin Will Likely See Major Win

The anonymous crypto strategist who predicted the end of crypto’s bullish market last year made a startling statement. On Twitter, the strategist, who goes by the name Pentoshi, said that BTC is set to see high rates of volatility. Speaking to his 614,000 followers on Twitter, he explains that he’s been keeping track of Bitcoin’s daily trading volumes. So far, he’s noted serious increases across different crypto exchanges.

According to the tweet, the spike in Bitcoin’s trading volumes comes after the leading cryptocurrency started testing its diagonal resistance. This, based on Pentoshi’s analysis, has caused BTC to stay on a downtrend since November of last year.

Pentoshi Predicts BTC Price Rally

A few days ago, he predicted that Bitcoin could see a price rally that would raise its value to as high as $28,000. Pentoshi is of the opinion that a bullish BTC market has a domino effect that causes a relief rally. Aside from daily trading volumes, he’s keeping track of the Bitcoin dominance chart that outlines how much of the market cap belongs to BTC.

If Bitcoin’s dominance is showing a bullish trend, it could indicate that it’s growing at a faster rate than other digital assets. Or, it could mean that altcoins are seeing a dip in value as the reigning crypto skyrockets.

Based on Pentoshi’s predictions, the Bitcoin dominance chart is preparing for a major breakout. Posting the dominance chart on his Twitter account, he explained to followers that if it touches ‘the bottom line,’ Bitcoin will outperform altcoins regardless of whether it moves up or down.

Bitcoin Price Consolidation Means a Deeper Slide Yet To Come

Meanwhile, the crypto community is torn between today’s Bitcoin market, which shows a glass half-full and half-empty situation. Bullish analysts are of the opinion that there is still hope as Bitcoin weathers out the storm and long-term investors hold onto their tokens. However, bearish analysts think that the current inactivity is a reflection of what happened four years ago. In 2018, Bitcoin steadily held onto its value for weeks. Nearing $6,000, it suddenly saw a major slump of 50 percent.

il Capo Of Crypto Says Temporary Pause Will Lead to a Price Sell-off

Another pseudonymous crypto analyst, who goes by the name of il Capo Of Crypto, explained that current trading close to $20,000 is a reflection of the 2018 consolidation of around $6,000. Hence, there will likely be a momentary pause that will lead to a price sell-off. He explained that the market is seeing a downtrend. This will be followed by a temporary halt and a further drop.

In 2018, Bitcoin crashed to $6,000 from $20,000, after which it went sideways From August to November. This convinced many investors that Bitcoin had gained a new base value of $6,000 and was set for a bullish run. However, it ended up crashing further below $6,000 and eventually stopping at $3,200.