A well-known crypto trader predicts Bitcoin (BTC) and Ethereum (ETH) price increases, but warns that the gains will be fleeting.
Penthoshi, a pseudonymous crypto expert, presents an inverted Bitcoin chart with his 553,700 Twitter followers to show that BTC bearish are virtually tired.
“This looks tired. So many trapped longs [shorts] there at the highs [lows] for BTC with that volume of people FOMOing in. Wouldn’t be surprised if they puke positions soon. Sometimes you need to look at your charts in a different way.”
“For the people asking. Short term, in my opinion, up. But before the Merge, we take out this heinous crime of equal lows on ETH.
I’ve yet to ever buy mine back that I sold at $4,100 (yes missed all ETH rallies) including the big one to $3,600. I made $0 on that.
In summer. these [get] taken out, in my opinion.”
Ethereum is now trading for $1,981 at the time of writing.
Pentoshi believes that the projected rallies in the crypto markets will not continue long, and that the bounce will act as fuel for the following leg down.
“Sometimes in order for price to make new lows, price must go up first to gather strength. If you are breaking down a door with a hammer, it’s easier to break the door if you swing it back first. I think for new lows, first you must trap late longs.”Pentoshi