A trader who hit the peak of Bitcoin’s (BTC) bull market in 2021 believes the crypto king will cause the most loyal bears to capitulate.
The pseudonymous analyst Pentoshi shares with his 717,200 followers on the social media platform
A Bloomberg analyst previously noted that the SEC is preparing to approve all spot-based Bitcoin ETF offerings in January.
According to Pentoshi, BTC is likely to see further rallies in the coming weeks, prompting even pessimistic Bitcoin traders to jump into the top cryptocurrency.
“40 days left until the BTC ETF.
Things haven’t been going well for the deniers in the last few months. It’s fair to assume that as we get closer, we’ll see another major uptrend and those who have faded and have watched in complete agony since the lows will capitulate. Surrender works both ways.”
Source: Pentoshi/X
Pentoshi is not the only analyst bullish on Bitcoin. Pseudonymous analyst Kaleo shares a chart that shows BTC will rise as high as $45,000 in the coming days.
“$40,000 is still a magnet.”
Source: Kaleo/X
Although Kaleo expects Bitcoin to easily rise above $40,000, says Pentoshi believes that BTC is likely to face some resistance around $42,000.
“The $40,000-$42,000 range for BTC will be a bit of a challenge in my opinion. But if you come here and stay true to your beliefs, that’s good work. This is one of the moments where I think game theory was very helpful in maintaining that belief and was almost a free rider.”
At the time of writing, Bitcoin is trading at $39,522.
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Generated image: Midjourney
Originally posted 2023-12-03 11:22:16.