A trader who nailed the end of Bitcoin’s (BTC) 2021 bull market is predicting a big rally for the crypto king, but not before a move to the downside.
Pseudonymous analyst Pentoshi tells his 697,700 Twitter followers that Bitcoin is now likely headed to $28,000 after failing to stay above $31,000.
“If BTC falls back into the range we just spent two weeks in, then will look for it to eventually go back down towards $28,000 and treat it as a deviation.”
According to the trader, a correction below $30,000 will likely be short-lived as he expects Bitcoin to eventually regain its bullish momentum and rally to a fresh 2023 high.
“And then from $28,000 to $40,000.”
The trader also says that although he’s predicting a Bitcoin pullback, the larger trend remains bullish for the crypto king.
“Will add some back lower in hopes of compounding. I expect there to be some level of mean reversion with emotions high and people capitulating. But I don’t think we are quite done yet. The trend, for now, remains up. Dip buying continues to work until it doesn’t…
Think the goal is to get net long (if you’re sidelined) on dips down to where discussed. It’s also a great invalidation point and a cheap area if wrong.”
At time of writing, Bitcoin is trading for $30,354.
Generated Image: Midjourney