1. Home
  2. Bitcoin
  3. Crypto Analyst Predicts Bitcoin Rally to New All-Time Highs, Names Two Bullish Catalysts for BTC
Crypto Analyst Predicts Bitcoin Rally to New All-Time Highs, Names Two Bullish Catalysts for BTC

Crypto Analyst Predicts Bitcoin Rally to New All-Time Highs, Names Two Bullish Catalysts for BTC

0

Source: Daily Hodle

Crypto Analyst Predicts Bitcoin Rally to New All-Time Highs, Names Two Bullish Catalysts for BTC

A popular crypto strategist is outlining a path for a strong Bitcoin (BTC) breakout en route to a fresh all-time high.

Pseudonymous crypto analyst Pentoshi tells his 526,300 Twitter followers that he sees a potential scenario where Bitcoin continues to print bullish higher low setups and ignites a parabolic rally to $72,000.

“Instead, I now offer an alternative. I believe we should change direction and head for option two.”

Source: Pentoshi/Twitter

Bitcoin is currently trading at $39,233. A rally to Pentoshi’s target represents an upside potential of over 83%.

Pentoshi, who has been a Bitcoin bear in the past few months, is now starting to lean bullish as he says BTC could receive an influx of demand in the coming weeks.

The crypto strategist says that one key catalyst for a Bitcoin rally is the intention of Ethereum competitor Terra (LUNA) to buy around $1 billion worth of BTC to add to its reserves.

“My boy Do Kwon about to add $1.2 billion worth of BTC to their reserves. I’d guess, starting next week.”

Do Kwon, the founder and CEO of Terra developer Terraform Labs, said earlier this month that the company plans to become one of the largest BTC holders.

Another catalyst that can send BTC to new all-time highs, according to Pentoshi, is El Salvador’s plan to buy $500 million worth of the king crypto through its Bitcoin bonds.

“Man, what if a country, like, totally buys $500,000,000 worth of BTC in the next weeks and then like, used the rest to mine it off a volcano and had this city, a Bitcoin city…”

In February, Blockstream’s Samson Mow told beINcrypto that investor commitments for the country’s Bitcoin-backed bonds had surpassed $500 million.

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp
Check Latest News Headlines

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/KHIUS

The post Crypto Analyst Predicts Bitcoin Rally to New All-Time Highs, Names Two Bullish Catalysts for BTC appeared first on The Daily Hodl.

Go to Source
Author: Daily Hodl Staff