dailyhodl.com
06 July 2023 08:34, UTC
The crypto strategist who nailed the end of the Bitcoin ($BTC) bull market in 2021 is warning of a market correction.
Pseudonymous trader Pentoshi tells his 696,600 Twitter followers that he continues to believe Bitcoin will cross the $32,000 level.
However, he warns a correction will likely follow as investors trade on the fear of missing out (FOMO) and over-leverage themselves, setting the stage for a dip.
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“$BTC: As we approach [the] $32,000 area, if you’re finally thinking of getting long it’s time to ask what you’re targeting if so. I think if we get a larger correction, it’s from that $32,500 area where late longs jump in and people begin to over-leverage.”
Looking at his chart, Bitcoin’s key support levels are at about $29,100, $26,600 and $25,100.
Previously, Pentoshi said that Bitcoin’s latest pullback met his forecast of a $BTC retracement below $30,000 and that Bitcoin continues to look ready to move to a higher leg up after holding support at around $30,000.
The trader is also forecasting that Bitcoin will hit a new all-time high of $180,000 in 2026, and he predicts a bottom price level in that cycle at $69,000.
“The year is 2026, $BTC is trading at $180,000.
People are saying: ‘We are so early.’
You are saying, ‘Top.’
They are saying: ‘This time is so different.’
You are buying back at $69,000.”
Bitcoin is trading for $30,517, down 0.6% during the last 24 hours.
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