A crypto strategist known for accurately calling the end of the 2021 Bitcoin bull market says all lights are now flashing green for BTC.
Pseudonymous analyst Pentoshi tells his 809,100 followers on the social media platform X that he no longer sees Bitcoin dropping to $50,000 after breaking out from an eight-month consolidation range.
According to the crypto strategist, Bitcoin appears poised to move much higher as he expects BTC to witness increasing global adoption.
“I find it unlikely we see those prices again after trading so long in this range.
We see more ETF (exchange-traded fund) demand. We are seeing that in the US some states are interested in holding it and that retirement funds will begin to allocate.
Global adoption will only INCREASE from here.
It’s on an unstoppable path, any big pullbacks are a gift.”
The trader also highlights that BlackRock’s Bitcoin ETF has surpassed the financial giant’s gold ETF in terms of net assets. On November 8th, BlackRock’s iShares Bitcoin Trust (IBIT) hit $34.33 billion in net assets while its iShares Gold Trust (IAU) hovered at $32.949 billion.
Says Pentoshi,
“Just wait until several countries start buying BTC.
It didn’t even take a year for this first flippening. People just got impatient during the lull periods
It reminds me of a quote from my uncle, a small-time investor named Warren Buffet.
The crypto market is a device for transferring money from the impatient to the patient.”
At time of writing, Bitcoin is trading for $77,317.
As for Ethereum, the trader says he sees incoming rallies for ETH.
“ETH also looking great for once. Expect this to do well in the weeks ahead.”
At time of writing, Ethereum is worth $3,135, up over 5% on the day.
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Generated Image: Midjourney
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