A Crypto Strategist Predicts Shallow Corrections for Bitcoin as Upside Momentum Continues
A well-known crypto strategist, Pentoshi, has shared his insights on the current state of Bitcoin, suggesting that shallow corrections are likely as BTC shows strong upside momentum. With a following of over 864,500 on X, Pentoshi believes that Bitcoin is in a bullish trend, fueled by increasing demand from corporations and ETF investors.
Bitcoin’s Resilience
Pentoshi notes that the steady inflows of capital into Bitcoin indicate a positive outlook, stating that a drop below $100,000 would be the worst-case scenario for BTC at this point. He emphasizes that as long as Bitcoin remains above key price levels, the bias should lean towards continuation of the current uptrend. Pentoshi also highlights the impact of ETFs and influential figures like Michael Saylor in driving demand for Bitcoin, leading to a scarcity of supply in the market.
Bitcoin’s Price and Potential
As of the latest update, Bitcoin is trading at $108,959, with Pentoshi expressing confidence in Bitcoin’s ability to outperform gold in the long run. He predicts that Bitcoin will eventually surpass gold’s value, driven by increasing institutional adoption and the growth of Bitcoin-related ETFs.
Solana’s Potential
Shifting focus to the layer-1 protocol Solana, Pentoshi believes that SOL has the potential to reach above $200 if it can break through the $180 resistance level and establish it as support. With SOL currently priced at $176, Pentoshi sees a path for SOL to reach $220 in the near future.
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