Analyst Predicts Unlimited Long-Term Potential for Bitcoin
A popular crypto analyst, Pentoshi, with 801,000 followers on X, believes Bitcoin (BTC) has unlimited long-term potential despite recent price struggles.
He anticipates a possible significant correction to $48,000-$51,000 (20-25% lower) before an upward trend resumes, suggesting that lower prices could lead to greater bullish sentiment.
For $BTC I wanted to start off with what I view to be the worst case scenario. Lets say, 48-51k. Essentially 20-25% lower. And in this scenario people should get more bullish the lower it went bc the upside becomes greater. But again, lets call that max drawdown. Hard to imagine… pic.twitter.com/xbpHwawBzy
— Pentoshi 🐧 euroPeng 🇪🇺 (@Pentosh1) July 2, 2024
Pentoshi predicts that the Federal Reserve will eventually ease monetary policy, which has historically driven Bitcoin bull markets.
He also notes increased interest in BTC due to the launch of Bitcoin exchange-traded funds (ETFs) and expects more nations to follow El Salvador in accumulating Bitcoin.
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He sees Bitcoin’s upside as uncapped due to likely heavy monetary expansion and believes BTC will rise continually through ETFs, given its finite supply and growing demand.
Pentoshi highlights that Bitcoin has sustained uptrends for months in the past, even without ETFs and nation-state involvement, emphasizing its potential for long-term growth.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
