A closely watched analyst and trader is charting what’s next for Bitcoin (BTC) and Ethereum (ETH) as the two largest crypto assets continue to rise.
Pseudonymous crypto strategist Pentoshi tells his 530,400 Twitter followers that he expects Bitcoin to sustain its rally until BTC reaches its yearly open of $46,000.
Pentoshi adds that he plans to reassess and see how Bitcoin reacts once BTC hits its short-term target.
“I’m still waiting to see how the price trades at the annual open. The previous times I’ve targeted it, we’ve come up short, but we’ve come pretty close. Although this time it looks better for BTC. We almost arrive.”
Pentoshi also says he is closely monitoring the impact of buying pressure coming from Terra (LUNA) co-founder Do Kwon. According to Pentoshi, Terra’s massive Bitcoin accumulation may ignite the next stage of the BTC bull market.
“2500-3000 BTC per day of supply removed for a long period of time = huge shock. Those that are short have to cover more at some point as supply dissipates. What is scarce, is more. This clip can bring back the apes, in which Do Kwon is the lord of the apes.”
Last week, Do Kwon announced on Twitter that Terra’s $3 billion worth of BTC purchase is now underway.
At the time of writing this article, Bitcoin trades for $47,200.
As to ethereumPentoshi says that the bulls must push ETH above $3,200 to open the way to their next target at $3,600.
“Definitely meeting a bit of resistance right here at the first magnet.
But it looks pretty good.
I don’t want to see it close below $2,975 on pullbacks”.
Ethereum is currently trading at $3,350.
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