Popular crypto strategist Pentoshi tells his 612,000 Twitter followers that after nearly a year, he’s no longer extremely bearish on Bitcoin.
“Hard to switch bias after being a doomer for 10 months but I do think this can play out in the next two months. I’m also a high timeframe bias person. So focused more on larger timeframes. I have reasons for this.”
According to Pentoshi, Bitcoin’s diagonal resistance that has kept BTC in a downtrend since November last year is approaching the end of its lifespan, and he’s now expecting a breakout rally toward $26,721.
At time of writing, Bitcoin is changing hands for $19,054. A move to Pentoshi’s target suggests upside potential of over 40% for the leading cryptocurrency.
As for smart contract platform Solana (SOL), Pentoshi sees the Ethereum competitor rallying alongside Bitcoin.
“Filled today $32.26. Looking for a ride up to $37. Will cut on a daily below the local lows.
There is no FOMC (Federal Open Market Committee), or earnings until November. Fed terminal rates at 4.6% (pricing in the max after going from 0 to 4.6%). Think we can squeeze up. Markets are all at high timeframe support, first test of June lows, so it’s now or never.”
At time of writing, Solana is trading at $33.56, down 1.50% in the last 24 hours.
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