dailyhodl.com
A closely followed crypto analyst is laying out Bitcoin’s worst-case scenario while also showing how $BTC could shoot up to a new all-time high.
In a new thread, pseudonymous crypto analyst Pentoshi tells his 865,000 followers on the social media platform X that the top crypto asset by market cap could dip to a price in the mid-$90,000s if it were to lose support around the $101,000 to $102,000 area.
However, according to the analyst, demand for the flagship digital asset will be greater than all the $BTC mined from all points, which in turn should eventually lead to a price spike.
“We are still making higher highs and higher lows, overall this is a strong uptrend… [In my opinion], the worst case scenario [if] the trend [were] to continue [is] we see mid $90,000s as the next higher low. That’s IF we lose around $101,000-$102,000 area, which is the current support.
I don’t really think you can compare this currently to 2021 because the situation isn’t the same at all, we were going into a period then of [quantitative tightening] after a period of extreme excess.
The competition currently for $BTC is only growing, and I’m quite certain the demand is greater than the daily mined $BTC from all data points. So demand > supply over any period of time. I think the biggest enemy of people is their own patience. I too make these mistakes [from] time to time.”
The trader’s chart indicates that $BTC could dip to his target sometime between June and July before sparking a rally to the $120,000 range.
$BTC is trading for $105,471 at time of writing, a 1.5% decrease during the last 24 hours.