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October 4, 2022
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Bitcoin

– Bitcoin, cryptocurrencies and blockchain technology.

A popular cryptocurrency analyst says Bitcoin could begin a major correction on the chart. Pentoshi, because we are talking about it, predicts that the cryptocurrency will drop to a fairly low level – $ 20,000.

Pentoshi: We will have a course correction

Pentoshi says what is happening on the Bitcoin chart right now suggests a correction is coming.

“The time and distance of each BTC move is decreasing. Less consolidation and fewer upwards moves. Markets can be like a pendulum and it will all go the other way eventually. The theory remains the same. We will see the low level of USD 20,000 “

– argues.

The analyst also points to data from the investment firm Grayscale, showing that its Bitcoin and Ethereum savings it manages have dropped slightly in the past few days. Pentoshi says the data supports his theory that the king of cryptocurrencies has reached a temporary peak:

“For me, it means a local summit (…). I believe that before we do the new ATH, it will be 15-30%. correction. Bullish withdrawal per se. “

The meaning of BTC trading

Pentoshi adds that in Bitcoin trading, its goal is to predict most of the big chart movements, not to forecast BTC highs or lows.

“It’s not about reaching the bottom or top of the market, but about 70-80 percent. movements. Nothing brought me more money (…). “

He adds, however, that the breeder does not have to worry, because the Bitcoin boom is not over yet. In his opinion, however, it is worth buying some altcoins now. As a new year begins, he believes that altcoins have a better risk-reward ratio.

As for XRP, the controversial Ripple token, Pentoshi says the asset is still looking for bottom. In addition, its issuer – Ripple Labs – is preparing to start a legal battle with the US Securities and Exchange Commission (SEC). The analyst expects XRP to lose about half of its remaining value in the near future.

“In my opinion the dust will settle somewhere between $ 0.07 and $ 0.12 in the next few weeks / months.”

– he predicted.

In his opinion, “The fluidity will dry up“And”more exchanges will stop trading “ XRP, what Coinbase is planning to do.

“Larger players will continue to reduce the risk [dot. XRP] and get rid of excess equipment. As I see it “

– added.

Current course You can always check Bitcoin and other cryptocurrencies in the tabs: exchange rate Bitcoin and the cryptocurrency rate at . A place where you can buy BTC and more coins, include cryptocurrency exchange BitBay.net. If you do not have an account on BitBay yet, from this article you will learn how to efficiently create one: LINK.

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