Experienced Trader Foresees Potential for Significant Bitcoin Gains with Gradual Ascent, Offers New Analysis of Solana and Chainlink
An analyst who accurately predicted the peak of Bitcoin's (BTC) 2021 bull market believes that the leading cryptocurrency is on the verge of a significant and explosive rally.
The pseudonymous analyst known as Pentoshi, with a following of 703,300 on the social media platform X, suggests that Bitcoin's recent gradual ascent is laying the foundation for a substantial upward surge.
He likens the current slow but steady upward movement of Bitcoin to historical patterns that have led to much larger and more significant price increases.
Pentoshi acknowledges that while Bitcoin's journey upward may not be entirely smooth and could entail some sharp pullbacks, he anticipates that any dips along the way will be relatively short-lived if this new trend continues.
As of the current market conditions, Bitcoin is trading at $30,643.
The analyst is also closely monitoring the price movements of the decentralized oracle network, Chainlink (LINK). Pentoshi believes that LINK has successfully broken out of its extensive accumulation range and appears to be positioned for a potential climb toward his target, which is near the $12 mark.
Pentoshi also observes that some individuals have been promoting Chainlink for an extended period, and the recent breakout alleviates the opportunity cost associated with holding the tokens for an extended duration. He suggests that in such situations, you can temporarily hold the tokens and return them to the market later, potentially benefiting from the price increase.
As of the present moment, the price of LINK stands at $10.46.
Regarding the smart contract platform Solana (SOL), the analyst anticipates a temporary retracement below the $26 mark before experiencing an upswing toward his target at $36.
Pentoshi provides charts to illustrate his perspective on SOL, expressing his belief that Solana is a solid high-cap, blue-chip cryptocurrency. Please note that these views represent his opinion.
As of the current time, Solana (SOL) is trading at $29.90. Please keep in mind that cryptocurrency prices can be highly volatile and may change rapidly.
Oct 24, 2023