-6.7 C
New York
January 22, 2022
Bitcoin

Top Crypto Analyst Predicts Bitcoin (BTC) Rally Above $50,000 – But There’s a Catch

A preferred crypto strategist and dealer is predicting that Bitcoin will ignite a rally above the $50,000 however warns that BTC might not be capable to maintain its ascent.

Pseudonymous crypto analyst Pentoshi tells his 462,300 Twitter followers that he expects Bitcoin to print a bearish decrease excessive setup above $50,000 earlier than resuming its downtrend.

“We travel to [Michael] Saylor’s BTC average in 2022, in my opinion. But a lower high on the macro first. At least the way it looks for now. Invalidation is the same invalidation we’ve had since all-time high breakdown: above $58,000 – $60,700. Selling a lower high is such a good risk reward on both sides in my opinion. Minimal opportunity cost, max reward.”

Image
Source: Pentoshi/Twitter

According to Pentoshi’s chart, Bitcoin is at present in a bearish pattern and appears poised to revisit its macro vary low under $30,000 by May 2022.

In the quick time period, nevertheless, the crypto strategist says that assist at $40,700 ought to maintain because the essential price space acted as a sturdy resistance stage for many of 2021.

“$40,700. Historical context is so important yet rarely utilized. Where does big money enter and exit?”

In technical evaluation, as soon as an asset takes out a sturdy resistance space, the price stage typically will get transformed into assist as bulls are anticipated to defend their hard-won territory.

While Bitcoin places up a aid rally, Pentoshi believes that altcoins will both commerce sideways or go decrease, suggesting that BTC will pull in a lot of the liquidity within the crypto markets.

“Now that alt/USD and alt/BTC [market] structure are both breaking, max pain, in my opinion, would be when BTC bounces, alt/USD gets stuck on pivots + alt/BTC bleeds while Bitcoin goes to a lower high then dumps, where alts make lower lows on both pairs following that. Every time BTC.D [BTC Dominance] hits ‘sell,’ market finds pain.”

Image
Source: Pentoshi/Twitter

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto e mail alerts delivered on to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp
Check Latest News Headlines

 

Disclaimer: Opinions expressed at The Daily Hodl should not funding recommendation. Investors ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your personal threat, and any loses you might incur are your duty. The Daily Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital property, neither is The Daily Hodl an funding advisor. Please word that The Daily Hodl participates in online marketing.

Featured Image: Shutterstock/Jorm S/Velishchuk Yevhen

Related posts

These Crypto Assets Will Massively Change International Payments: Macro Analyst Lyn Alden

Crypto Advisor

Banking Giant BNY Mellon Expects Significant Revenue From Its Crypto Services: Report

Crypto Advisor

Trader Who Called Bitcoin Top and Subsequent Crash to $40,000 Details What’s Next for BTC

Crypto Advisor

Leave a Comment