Crypto currency analyst Pentoshi, who was closely followed by the announcement of the end of the bull market in Bitcoin (BTC) last year, said that a new trend has begun to emerge for BTC.
The Era of Horizontal Movement in Bitcoin Begins
The anonymous cryptocurrency analyst, known as Pentoshi in the cryptocurrency industry, told his more than 650 thousand Twitter followers that he believes the Bitcoin price is close to bottoming out. However, he also underlined that Bitcoin’s bottoming does not mean the beginning of a new bull cycle, saying:
Although the BTC price is close to the bottom, it is unlikely to be close in terms of time. Time is the most valuable asset we have. Probabilities say that we will spend most of the time sideways.
Looking at the price chart shared by Pentoshi, it seems that BTC predicts a horizontal course in the coming months, for which it predicts that Bitcoin’s year-long downward trend has now come to an end.
This prediction of the crypto currency analyst is due to the fact that the catalysts that ignited Bitcoin’s previous bull market have now disappeared:
We need to ask what conditions led to the last bull market? Do these conditions exist now or will they be at such extremes again? The whole world has been flooded with money with monetary stimulus, quantitative easing, negative or zero interest rates, the paycheck protection program ‘loans’, $ 120 billion a month in aid from the Fed. So, while it is popular to call the bottom weekly and say that the bottom is near weekly, there is not much to support this, at least on the time axis. It is not necessary to be a genius to understand that we are closer to the bottom on the way from 69 thousand dollars to 16 thousand dollars, only on the price axis.
How Long Will the Consolidation Period Last?
Pentoshi, Bitcoin’s consolidation time will probably be determined by changes in the macro environment, he said, “Things that can lead to a faster change may be due to a change in global financial conditions. If this happens, it doesn’t really matter to buy the bottom, because TIME + price will be on your side, as TRENDS usually last for years.” he used his statements.
The largest crypto currency Bitcoin is changing hands from 15 thousand 943 dollars with a recovery of 16 thousand 125 dollars at the time of preparation of this article after a decline to 16 thousand 123 dollars during the day.
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