Top Crypto Analyst Says Big Move Is Imminent For Bitcoin, Predicts BTC Will Outpace Altcoin Market
The crypto strategist who spotted the end of last year’s crypto bull market says Bitcoin (BTC) could be days away from witnessing extreme volatility.
Pseudonymous analyst Pentoshi tells his 614,600 Twitter followers that he is keeping a close eye on Bitcoin’s trading volume, which he notes is seeing significant increases across crypto exchanges.
“Big move in the next few days after essentially a month of sideways. All the same chart, lots of volume across all exchanges coming in except for big June sell-offs. This is a noticeable increase.”
According to Pentoshi, the increase in Bitcoin’s trading volume comes as BTC tests its diagonal resistance, which has kept the crypto king in a downtrend since November 2021.
“BTC up against the downtrend line now from the November highs. Quicker push against the trendline lately. Let’s see what she’s got.”
Last week, Pentoshi predicted that Bitcoin could rise to as high as $28,000 as he believes BTC bulls are poised to initiate a relief rally.
The popular analyst also looks at the Bitcoin dominance chart (BTC.D), which tracks how much of the total crypto market capitalization belongs to Bitcoin. A bullish BTC dominance suggests that Bitcoin is rising faster than other crypto assets, or altcoins are losing value while the leading crypto is rising.
According to Pentoshi, the BTC.D chart appears to be preparing for a major breakout.
“BTC dominance threatens a potential breakout. Remember nothing good ever comes from whoever touches the bottom line. IF it breaks out here, THEN regardless of a move up or down it will surpass the altar.”
At the time of writing, Bitcoin is changing hands at $19,211, flat on the day, while the BTC.D chart is hovering at 41.28%, very close to Pentoshi’s breakout level.
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