A widely followed crypto strategist is charting what’s next for Bitcoin (BTC) and Ethereum (ETH) after recent impressive gains.
The pseudonymous crypto analyst Pentoshi tells his 532,200 Twitter followers that he’s targeting a support low of $44,000 for Bitcoin.
However, Pentoshi says there could be a possible rise to $53,000 depending on when big players like Terra (LUNA) co-founder Do Kwon decide to buy more BTC.
“For now should expect yearly open and purple box to act as support.
Potential [small] pullback as [Luna Foundation Guard] and Do Kwon appear to be [away from keyboard] from the green button.
Looking for continuation to $51-53k during the next rally for BTC.”
At time of writing, Bitcoin is even on the day and trading for $47,684. The leading crypto asset by market cap remains up 11% from a week ago.
The trader next weighs on the prognosis for ETH in the wake of a recent $600 million hack into Ethereum side-chain Ronin Network, which provides the payment mechanism for the play-to-earn game Axie Infinity (AXS).
Pentoshi says in light of the stolen ETH being sent to FTX, one of the world’s largest cryptocurrency exchanges, the hack might bode well for the #2 crypto asset’s price moving forward and push it past the $3,600 level.
“Personally believe it’s a bullish hack. Seeing as the ETH was sent to FTX.
Think $36xx coming within days.”
Ethereum is also currently trading sideways, priced at $3,441. ETH remains up 14% from its weekly low of $3,017.
Pentoshi wraps up his analysis by suggesting that everyday investors can’t fight the momentum created when Bitcoin whales make big moves.
He cites a $1.2 billion BTC purchase by the Terra Foundation in mid-March which preceded Bitcoin’s recent surge, as well as a new tweet by MicroStrategy CEO Michael Saylor announcing a $205 million Bitcoin-collateralized loan with Silvergate Bank.
“So on the first one, everyone said it wouldn’t affect price [because it’s] not [over the counter] lol.
The 2nd one also think means price will go down for BTC.
Now you have both buying this week shortly and people’s first thought is to continue shorting into it instead of going with the flow. [I don’t know.]”
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