According to a widely followed crypto analyst and trader, a Bitcoin rally is now in sight, as momentum is shifting in favor of BTC bulls. Pe...
According to a widely followed crypto analyst and trader, a Bitcoin rally is now in sight, as momentum is shifting in favor of BTC bulls.
Pentoshi, a pseudonymous crypto expert, tells his 546,900 Twitter followers that bears are trying hard to drive the price of Bitcoin down but aren't succeeding.
The crypto strategist shows an inverted Bitcoin chart that shows extraordinarily high trade volume but no price movement.
"What's with the rounding?" Why are the highs getting so much volume? A large number of coins are exchanged for a significant amount of work. But, at that price, are sellers being rewarded? It doesn't appear so."
The inability of bears to drive the price of Bitcoin lower despite intense selling pressure, according to the expert, indicates that momentum is set to shift in favor of the bulls.
"Markets swing back and forth like a pendulum. Momentum swings and eventually comes to a complete stop. Point is. This is how it frequently appears. Even if only temporarily When one side becomes overly aggressive but fails to produce results, the pendulum swings the opposite way."
Bitcoin, according to Pentoshi, can gain more bullish momentum if $31,000 resistance is converted to support.
"For BTC, I believe we can get to 34k *IF* the 31k area is turned to support. For the time being, this is my bias point to trade."
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