A widely followed crypto analyst is outlining what he says are the “highest” probability moves for the two largest crypto assets by market cap.
The crypto strategist known as Pentoshi tells his 557,700 Twitter followers he believes Bitcoin (BTC) will continue to rally in the short term toward its immediate resistance at $35,000.
“Personally think this is the path for BTC if things go well. $33,000-$35,000 for upside then back to the lows.
As what I view as highest probability currently.”
At time of writing, Bitcoin is trading for $31,844. A move to Pentoshi’s target represents an upside potential of nearly 10% for BTC.
Next up is leading smart contract platform Ethereum (ETH), which Pentoshi says appears poised for a rally above $2,000.
“In regards to ETH, [I] have been talking about this equal lows since December. Yes, since December.
Up then down to clean those up (eventually sub $1,700 in my opinion) after lower high is put in place.”
At time of writing, Ethereum is changing hands for $1,950, 15% below the crypto analyst’s target of $2,250.
Although Pentoshi is expecting bounces for both BTC and ETH, he emphasizes that those rallies will likely be short-lived.
“Now that we are getting the bear market rallies as discussed, it’s important to remember them for what they are at the end of the day. Trojan horses designed to extract value from participants. That is the mindset to approach them with, in my opinion.”
According to Pentoshi, the rallies are likely designed to entice retail traders to enter at higher prices before the BTC and ETH revisit their respective lows.
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Featured Image: Shutterstock/Alberto Andrei Rosu