Expert Trader Anticipates Bitcoin (BTC) Rally, Expects Pullback Before Surge
Renowned trader and analyst, Pentoshi, known for accurately predicting the end of Bitcoin’s 2021 bull market, is now forecasting a significant rally for the leading cryptocurrency. However, he believes that a temporary downward movement is likely before the surge begins.
Addressing his extensive following of 697,700 Twitter users, Pentoshi suggests that Bitcoin could potentially decline to $28,000 after failing to sustain its position above $31,000. He explains, “If BTC retreats back into the range we recently experienced for two weeks, I will anticipate a subsequent descent towards $28,000, considering it as a deviation.”
Nevertheless, the trader emphasizes that any correction below $30,000 is expected to be short-lived. He maintains a bullish outlook, foreseeing Bitcoin regaining its momentum and eventually reaching new heights in 2023. “From $28,000, we can expect a rally all the way up to $40,000.”
Pentoshi also assures his followers that despite the projected pullback, the overall trend for Bitcoin remains positive. He shares his strategy, stating, “I will strategically add to my positions at lower prices to potentially compound my gains. I believe there will be a level of mean reversion as emotions run high and some individuals capitulate. However, I don’t believe we have reached the end just yet. For now, the trend is upward, and buying the dips continues to be profitable… The objective is to establish a net long position, if you are currently on the sidelines, during the price declines we discussed. This level also serves as a great invalidation point and offers an affordable entry if our analysis proves incorrect.”
