Anonymous crypto analyst Pentoshi, who is known for accurately predicting the peak of the 2021 bull market and warning about the subsequent crash, has made a bold prediction. The analyst expects the largest cryptocurrency, Bitcoin, to rise, even frustrating the most stubborn bears. Another anonymous crypto analyst, Kaleo, has also warned about the $40,000-$42,000 range for Bitcoin.
Analyst Expects Bitcoin to Surpass $40,000 Level
Crypto analyst Pentoshi mentioned on his personal Twitter account that the U.S. Securities and Exchange Commission (SEC) has a little over a month to decide on multiple spot Bitcoin exchange-traded fund (ETF) applications. Bloomberg ETF analysts evaluate the likelihood of the SEC approving the first spot-based Bitcoin ETF in the U.S. in January next year at 90%. This indicates a high probability of the SEC approving at least one spot Bitcoin ETF in January 2024.
According to Pentoshi, due to the positive outlook from the spot ETF, BTC could rally further in the coming weeks, attracting even the most bearish Bitcoin investors:
There are only 40 days left for the approval of a spot-based Bitcoin ETF. Those who do not expect approval and deny the rise did not have a good few months. There will likely be a bigger upward movement, and as we approach this movement, those who have been losing strength and watching the rise in agony since the lows will give up. Remember, giving up works on both sides.
Pentoshi is not the only analyst expressing a positive view on Bitcoin. Another anonymous crypto analyst, Kaleo, shared a chart indicating that BTC could rise up to $45,000 in the coming days. The analyst added the note “40,000 dollars is still a magnet” to the shared price chart.
Warning for the $40,000 – $42,000 Range in Bitcoin
While Kaleo believes that Bitcoin will surpass $40,000, Pentoshi warns that the largest cryptocurrency will likely face resistance around the $42,000 level.
The passage of the $40,000 to $42,000 range for BTC will likely be somewhat challenging. However, if you have evaluated the rise up to this point and managed to maintain your belief, then you have done a good job. This is one of those situations where game theory is almost a free aid in sustaining that belief.
