Is a rise in bitcoin to be considered? Cryptocurrency analysts and strategists love to make predictions about the best coins in the market. Pentoshi, who, let’s remember, announced the end of the bullish trend of cryptocurrencies, has just predicted big rebounds for BTC and SOL.
A possible rise for BTC?
What we like in the cryptosphere is that everyone does their little analysis. Industry strategists make the web happy when they come up with new hypotheses. This time it was Pentoshi, known for announcing the end of the cryptocurrency bull market, who announced that the price of Bitcoin (BTC) as well as Solana (SOL), the rival of Ethereum (ETH) would go up. in the coming months.
It is on Twitter that the famous strategist has to share his analysis and for his 612,000 followers, it is blessed bread. He notably tweeted that a year later, the trend is no longer bearish for bitcoin. He also added that prejudices die hard, especially after 10 months of suspense, but it seems that the trend will be reversed in the next two months. The strategist believes that over large periods of time, it is easier to predict the movements of certain cryptocurrencies.
A pattern that keeps coming back
According to Pentoshi, the diagonal resistance in Bitcoin that has kept BTC on a bearish curve since last year is coming to an end. Since last November, bitcoin has indeed recorded few movements that could herald a recovery. However, for the strategist, all signals are green to initiate a breakout rally towards $26,721.
The price of Bitcoin is indeed recovering. This was after the FOMC’s announcement of an interest rate hike in the United States. According to analysts, it is not impossible for the BTC to reproduce the pattern of the beginning of last September where we recorded a succession of green daily candlesticks, two reds, and another green. Recall that last time around, this resulted in the bitcoin price falling below $19,000 before starting to rise again. If we refer to the same movements, then we would expect a rally in the price of BTC after the downtrend.
Can BTC reach $22,000?
Predictions are based in part on past Bitcoin price fluctuations. However, they must take into account a potential resistance zone located below $21,000. If we go by the data from Whalemap, we notice that crypto whales have concentrated around $19,900. This could thus ruin a possible rise to reach $22,000.
On September 24, the price of Bitcoin rallied to $19,888 before registering a slight decline. Its price fell back below $19,000 until the day’s close. If we continue to trust the Whalemap then for Bitcoin to be able to rally all the way back to $21,000 then it should support and hold the level between $18,000 and $19,000.
The dollar is still in great shape
The dollar is still in the lead, so an upward move in assets in the short term is still unlikely. Additionally, the Fed’s latest projections for 2023 remain high, so investors should remain patient.
For Pentoshi, a bullish rebound remains possible, this would allow the cryptocurrency to return above $20,000. Another rejection near this level should not be ruled out, however, and it could take BTC back below the $19,000 support.
A potential increase to expect?
Note that at the time of writing, bitcoin is trading at a price of $20,187.90. We thus hope that Pentoshi was right and that the drop announces a certain rise in the coming months. For the Solana (SOL) smart contract platform, Pentoshi also remains very optimistic. He believes that Ethereum’s main rival, Solana, will also recover in the coming months.
The strategist concludes by stating that there is no FOMC (Federal Open Market Committee), nor results until November. Rates are pegged at 4.6% and the markets are at high time support after the downtrend in June, which puts us on a good footing for a rally.