The crypto strategist who pinned the end of Bitcoin’s bull market last year predicts the emergence of a new trend for BTC. The pseudonymous analyst, known in the industry as Pentoshi, tells his 656,200 Twitter followers that he believes the bottom for Bitcoin is near. However, he emphasizes that a Bitcoin bottom does not necessarily mean the birth of a new bull cycle. “While the BTC bottom may be close, the timing aspect is unlikely to be close. Time is the most valuable commodity we have. There’s a good chance we’ll probably be spending a lot of extra money.”
The Pentoshi chart appears to predict the end of Bitcoin’s one-year downtrend as BTC will trade sideways for the coming months. According to the crypto strategist, his prediction is since the catalysts that ignited Bitcoin’s earlier bull market is now gone. “We have to ask what circumstances led to the last bull market. Do these conditions exist now, or will they be as extreme again? “Loans” from the Paycheck Protection Program, $120 billion a month in housing from the Federal Reserve.
While it’s popular to call the fund weekly and say it closes weekly, there’s little to back that up, at least on the timeline. The $69,000 to $16,000 price axis alone doesn’t take a genius to figure out we’re closer to the bottom.” Pentoshi says shifts in the macro landscape will likely drive the time Bitcoin spends consolidating. “Things that could lead to quick changes would be a change in global financial circumstances.
In this case, buying the fund doesn’t matter as you have TIME + price on your side, as TRENDS tend to last for years. What matters is that it had the dry powder.” At the time of writing, Bitcoin is trading at $16,185, down more than 3% daily.