The crypto analyst who called the end of the crypto bull market is now predicting big bounces for Bitcoin (BTC) and Ethereum (ETH) challenger Solana (SOL).
Popular crypto strategist Pentoshi tells his 612,000 Twitter followers that after nearly a year, he’s no longer extremely bearish on Bitcoin.
“Hard to switch bias after being a doomer for 10 months but I do think this can play out in the next two months. I’m also a high timeframe bias person. So focused more on larger timeframes. I have reasons for this.”
According to Pentoshi, Bitcoin’s diagonal resistance that has kept BTC in a downtrend since November last year is approaching the end of its lifespan, and he’s now expecting a breakout rally toward $26,721.
At time of writing, Bitcoin is changing hands for $19,054. A move to Pentoshi’s target suggests upside potential of over 40% for the leading cryptocurrency.
As for smart contract platform Solana (SOL), Pentoshi sees the Ethereum competitor rallying alongside Bitcoin.
“Filled today $32.26. Looking for a ride up to $37. Will cut on a daily below the local lows.
There is no FOMC (Federal Open Market Committee), or earnings until November. Fed terminal rates at 4.6% (pricing in the max after going from 0 to 4.6%). Think we can squeeze up. Markets are all at high timeframe support, first test of June lows, so it’s now or never.”
At time of writing, Solana is trading at $33.56, down 1.50% in the last 24 hours.
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/antishock/Chuenmanuse