Is there a rise in bitcoin to consider? Cryptocurrency analysts and strategists love to make predictions about the best coins in the market. Pentoshi, who, let’s remember, announced the end of the bullish trend of cryptocurrencies, just predicted big rebounds for BTC and SOL.
Possible rise for BTC?
What we like in the cryptosphere is that everyone does their little analysis. Industry strategists delight the web when they come up with new hypotheses. This time it is pentoshicalled for announcing the end of the cryptocurrency bull market, which announced that the price of Bitcoin (BTC) as well as Solana (SOL), the rival Ethereum (ETH) would go up in the coming months.
It is on Twitter that the famous strategist has to share his analysis and for his 612,000 followers, he is blessed bread. He tweeted in particular a year later, the trend is no longer bearish for bitcoin. He also said that biases die hard, especially after 10 months of suspension, but it seems that they do the trend will reverse in the next two months. The strategist believes that it is easier to predict the movements of certain cryptocurrencies over large periods of time.
A pattern that keeps coming back
According to Pentoshi, the diagonal resistance in Bitcoin that kept BTC on a bearish curve since last year is coming to an end. Since last November, bitcoin has recorded a few movements that could herald a recovery. However, for the strategist, all the signs are green for separate initiative towards $26,721.
The price of Bitcoin is indeed recovering. This, after the FOMC announced an interest rate hike in the United States. According to analysts, it is impossible for the BTC to reproduce the pattern of the beginning of last September when we recorded a succession of green, two red and another green daily candlesticks. Recall that last time around, the price of bitcoin fell below $19,000 before starting to rise again. If we are referring to the same movements, then we would expect a rally in the price of BTC after the downtrend.
Can BTC reach $20,000?
Predictions are based in part on past Bitcoin price fluctuations. However, they must take into account a potential resistance zone located below $20,000. If we go by the data from Whalemap, we notice that crypto whales are concentrated around $19,900. This could ruin a potential raise to $20,000.
On September 24, the price of Bitcoin rose to $19,888 before registering a slight decline. Its price fell back below $19,000 until the end of the day. If we continue to trust the Whalemap then Bitcoin will be able to find its way back to $20,000 then it should support and hold the level between $18,000 and $19,000.
The dollar is still in great shape
The dollar is still in charge, which means that upward movement of assets is unlikely in the short term. In addition, the Fed’s latest projections for 2023 remain high, so investors should remain patient.
In the case of Pentoshi, a bullish reversal is still possible, this would allow the cryptocurrency to come back above $20,000. Another rejection near this level should not be ruled out, however, and could take BTC back below the $19,000 support.
Possible increase to expect?
Note that while writing these lines, bitcoin is trading at a price of $18,862. So let’s hope that Pentoshi was right and that the fall will herald some upswing in the coming months. Regarding the Solana (SOL) smart contract platform, Pentoshi remains very optimistic. He believes that Ethereum’s main ridge, Solana, will also recover in the coming months.
The strategist concludes by saying that there is no FOMC (Federal Open Market Committee), no results until November. Rates are pegged at 4.6% and the markets are supporting an all-time high after the downturn in June, which gives us a good base for rallies.
On the same subject: Bitcoin and XRP show bullish signs