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A popular analyst, widely followed by cryptocurrency investors, has made significant predictions. What do his recent comments indicate? The exciting thing is that Bitcoin is able to close above $30,000 again after a long time. However, there is one more hurdle to overcome before the rise.
Bitcoin Crypto Expert Opinion
Pentoshi, a popular analyst who accurately predicted the bear markets at the end of 2021, discussed important details in his latest technical analysis. Names that have gained popularity with their accurate predictions in the past are closely followed by investors. Pentoshi is one of them, and if he proves to be right, investors may get bored for a short time.
Crypto expert Pentoshi expressed his concern about the inability of the king cryptocurrency to hold above $31,000. According to him, this is not a good sign and the price could drop to $28,000.
“If BTC returns to the range we spent the last two weeks in, we will expect it to eventually return to $28,000, and we will consider it a deviation.”
Will Bitcoin Reach $40,000?
According to the trader, we will see that Bitcoin regains its upward momentum. The crypto analyst, who says that the price will see a short correction below $30,000, believes that a price of $40,000 could be reached by the end of the year.
Pentoshi said the following:
$28,000 and then $40,000.
Despite predicting a Bitcoin pullback, the analyst says that the larger trend still maintains an upward trend for the crypto king.
“I expect there to be some average retracement with high emotions and people giving up. But I don’t think our job is done yet. The trend is currently upward. Buying the dip continues until it doesn’t work anymore… Think of the goal as taking net longs (if you’re on the sidelines) on dips discussed. This is also a great invalidation point and a cheap area if it’s wrong.”
