The crypto strategist who nailed the end of the Bitcoin (BTC) bull market in 2021 says the stage appears to be set for the crypto king’s next leg up.
Pseudonymous trader Pentoshi tells his 694,900 Twitter followers that Bitcoin’s latest pullback already satisfied his previously predicted retracement that Bitcoin could briefly dip below $30,000.
“I was hoping for some fills at $29,200 on any pullback but got front run on those.
We did get one higher up at $29,800 but will treat that one as a scalp.
Ultimately, I think the market structure is still fine. Nothing has changed at this point in time.”
According to Pentoshi, Bitcoin still looks bullish after holding support at around $30,000.
“Complex pullback for BTC support supporting.”
Looking at the trader’s chart, it appears that Pentoshi is predicting a Bitcoin rally toward the $32,400 level. At time of writing, BTC is trading for $30,489.
The crypto analyst is also keeping an eye on Ethereum (ETH), which he says may be next to follow in the footsteps of Bitcoin.
“ETH time to shine next in my opinion.
Going to trend towards the yearly highs as well with this type of structure.
But perhaps you’ll be shaken out along the way.”
Based on the chart, the trader appears to be predicting an ETH rally close to $2,150. At time of writing, ETH is trading for $1,922.
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