Top trader predicts a “screaming” rally for Bitcoin and predicts the influx of fresh capital into the crypto space
A trader who has reached the end of Bitcoin’s (BTC) bull market in 2021 outlines when the crypto king could see a major uptrend.
Pseudonymous analyst Pentoshi tells his 699,400 Twitter followers that capital appears to be exiting crypto markets.
However, the trader says market conditions are likely to change in the coming months right before Bitcoin sees its next halving.
“Every day stablecoin (market cap) and Total Value Locked (TVL) are checked.
Every day, stablecoin market caps are falling, TVL is falling, and *MOST* altcoins are trending down.
When new money? SOON! Think to the first quarter of 2024, BTC is screaming up…
I don’t want to think about where we would be if it wasn’t for Saylor, Tether + ETF (Exchange Traded Fund). Maybe under $20,000.”
Source: Pentoshi/Twitter
The next bitcoin halving is scheduled for April 2024.
Meanwhile, the trader has a bearish outlook on BTC due to two macro headwinds.
Pentoshi says the recent rally in oil markets suggests inflation will rear its ugly head again. He also expects regulators to withhold approval of a bitcoin exchange-traded fund (ETF) on a spot basis.
According to Pentoshi, the consequent correction of these two factors could prompt BTC to stage a huge rally once regulators give the green light for a Bitcoin ETF.
“Maybe post ETF lag + Hot CPI (Consumer Price Index) pressure. Fake dump in pump seems likely for later ETF spot approval…
Has nothing to do with hope. Everything about paying attention (my job).
Have you dealt with energy in the last six weeks? Oil prices are up 24% causing everything to go up. I’ll see it in either this (CPI) print or the next. The Fed is also showing hot pressure now.”
At the time of writing, BTC is worth $29,098.
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