A widely followed cryptocurrency analyst and trader is leaning bullish on Bitcoin (BTC) as the flagship crypto asset trades around 7% below the all-time high reached in May.
The analyst, pseudonymously known as Pentoshi, tells his 866,300 followers on the social media platform X that the spot Bitcoin exchange-traded fund (ETF) is the “fastest-growing ETF in history.”
Pentoshi believes that Bitcoin’s surging adoption will eventually trigger a breakout against gold and “never look back.”
“Younger generations will sell their boomer parents’ gold for digital gold.
You can always discover more gold, but there will only ever be 21 million Bitcoin.
Easy to use, easy to move around with.
This is the breakout that will really send us, not the US dollar one.”
Bitcoin is trading at $104,323 at time of writing, while gold is worth $3,367. Based on the trader’s chart, the Bitcoin/Gold pair has a last line of resistance at 40.
Next up is Ethereum (ETH). The pseudonymous analyst says that the second-largest crypto asset by market cap could spike by nearly 30% from current levels after weeks of consolidating within a tight range.
“ETH compressing more and more, this should resolve in the very near future. Likely any day.
A lot of positive tailwinds that have largely gone ignored, with hints from the [U.S. Securities and Exchange Commission] SEC as one example on staking not being a security just this past week.
Dips are for buying. $3,200 area should be on the table soon, in my opinion.”
Ethereum is trading at $2,472 at time of writing.
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Author: Mark Emem
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