A popular analyst known for his timely crypto calls says that the stars are aligning for Bitcoin (BTC) to make a new push to all-time highs.
Pseudonymous trader Pentoshi tells his 799,900 followers on the social media platform X that central bank money printing could push Bitcoin center stage for its scarcity and send it to new highs.
“Believe it to only be a matter of time before BTC hits a new ATH. Look at the last six months alone: an exchange-traded fund (ETF) approval, which has been the most successful ETF in history, and now capturing a large portion of the political environment with multiple nation-states discussing it on top.
The idea of BTC having a fixed supply, programmatic money, while central banks will continue to print infinite fiat will take the limelight.
I won’t pretend to know when it will break out, but the future is brighter than ever at this point. It’s crazy how many people begin to doubt their long-term thesis based on a few hourly or daily candles. In the end, where we’re going son, you won’t need charts.”
Bitcoin is trading for $66,500 at time of writing, up slightly in the last 24 hours.
The analyst also recently predicted that altcoins in general will soon witness recovery rallies with brief pullbacks in between. He shared a chart showing the total crypto market cap excluding the top ten digital assets and stablecoins, often used to gauge altcoin strength.
“For alts, I think we see something like this. But I believe this will be the general path for the market and that at the minimum, there will be a few weeks of alts catching a bid. And as usual, no charts/tickers, etc. for them. I only tweet BTC, ETH and SOL charts. Red line isn’t exact, but just a general idea of where and how I think we likely go. I think it’s very unlikely we see a lower low from here as things stand.”
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Follow us on X, Facebook and Telegram
Generated Image: Midjourney
Read the full article here
