The ultra popular crypto trader Pentoshi thinks that Bitcoin’s strength may indicate that momentum may be leaning back in favor of the bulls. Covered: Pentoshi’s Bull Thesis What About The Rest Of The Market? Not many people know this. BUT! If $BTC passes 69k it will make a new ath If it goes below $0 […] The post Bitcoin Bull Reversal Is Imminent, Says Widely-Followed Technical Analyst appeared first on CryptosRus.

Bitcoin Bull Reversal Is Imminent, Says Widely-Followed Technical Analyst

The ultra popular crypto trader Pentoshi thinks that Bitcoin’s strength may indicate that momentum may be leaning back in favor of the bulls.

Covered:

  • Pentoshi’s Bull Thesis
  • What About The Rest Of The Market?

Pentoshi is one of the most widely-followed crypto traders in the space. Now that Bitcoin is starting to form a base above the $33,000 level, the Bitcoin bull expects some relief from the king crypto asset in the short term before reevaluating any further downside.

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Pentoshi’s Bull Thesis

Yesterday, Pentoshi shared his thoughts on the Bitcoin bull market.

“As $BTC enters the green zone. My Bera watch ends, and bulla watch begins

Crazy how that works. Months of macro-based bear posting after a deviation.

Soon most will think it’s over, when it really just begins

Billionaires, nations, institutions compete for scarcity”

He’s keeping an eye out for the $31,000-$36,000 level as a great potential range to fill long-term positions.

Now, looking at the charts today, it looks like Pentoshi may have filled his bids at just the right time, as Bitcoin is showing a lot of strength in light of the most recent job numbers. Currently, BTC is up nearly 7% on the day, trading at $39,498. It’s painting a clean break through long-term resistance that’s held up since the cascade from $69,000.

What About The Rest Of The Market?

Although Bitcoin is showing a lot of strength, Pentoshi is remaining cautious with the rest of the crypto market.

He reminds investors that historically, 80% of altcoins never fully recovered to their previous all-time highs after crashes like the most recent one. He’s waiting to see what Bitcoin does to altcoins in the coming weeks before considering entering any new positions.

In the past week, Bitcoin has received a wave of positive news. Between the stamp of approval from Russia, US senators pushing for Bitcoin to become legal tender, and more institutional adoption, Pentoshi’s forewarning that “billionaires, nations, institutions [competing] for scarcity” may come to fruition when the market least expects it.

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While traders tend to be much more fluid with their positioning, keep in mind that Pentoshi’s strategies won’t work for everyone. If you’re not as confident in reading short-term price movements, a longer-term dollar-cost average approach is probably the smarter choice. Don’t jump into any positions strictly because Pentoshi told you to, but take his sentiment and others from the crypto community to develop your own gauge on the market.

The post Bitcoin Bull Reversal Is Imminent, Says Widely-Followed Technical Analyst appeared first on CryptosRus.