A prominent analyst says Bitcoin (BTC) and Ethereum (ETH) are preparing to enter a period of strong growth.
Known in the industry by the pseudonym Pentoshi, the individual told his 337,000 followers that Bitcoin has key backing at $ 58,000.
If you keep doing this, the bulls will show strength and BTC will hit new ATHs soon.
According to him, the main resistance above the current price level is $ 64,000. The bulls need to get back to that level to get BTC into a boom.
The source: Pentoshi / Twitter
Pentoshi is also keeping an eye on Ethereum. He noted the deflation of the leading smart contract platform following the activation of the London hard fork.
According to the analyst, this bodes well for the future of ETH.
“The most interesting note is that ETH has actually been deflationary for the past 7 days. There is another halving event in Q1-Q2 due to consolidation.
On the technical side, the price is going to flip the resistance at the previous ATH as a support.
If successful, the ETH enters the pricing phase. “
The source: Pentoshi / Twitter
Looking at the Bitcoin (ETH / BTC) pair, Pentoshi said ETH had one final resistance to break before hitting a multi-year high of 0.10 BTC ($ 6,100). Based on the analyst’s chart, ETH / BTC could rise 50% if it maintains its strength.
“The ETH has one last resistance before it reaches multi-year highs.
The price has flipped the long-term expansion wedge resistance line in support.
This will give a boom for a rally to 0.10-0.11 BTC and a price finding on the USD pair. “
The source: Pentoshi / Twitter
You can see the BTC and ETH prices here.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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