Popular cryptocurrency trader Pentoshi has revealed on social media he believes that if bitcoin rebounds from the $40,000 to $42,000 level in the near future it may move to a new all-time high and will “remind everyone who the kind is.”
In a tweet published to his over 200,000 followers at a time in which the price of bitcoin dipped from over $47,000 to about $45,300 according to CryptoCompare data, the trader noted that when “it’s time to buy” he will be “going with a BTC heavy rotational focus for the first time this year.”
In a follow-up tweet responding to a user, Pentoshi noted that this is his short-term expectation, meaning that while in the near future he sees the flagship cryptocurrency outperform the rest of the market, in the long-term he believes Ethereum will outperform Bitcoin.
As reported, cryptocurrency trader and analyst Scott Melker, who hosts “The Wolf Of All Streets” podcast, has revealed he sees the price of Ethereum pushing towards the $10,000 mark in six to 12 months, while bitcoin could hit six figures in the same amount of time.
Data shows that over the last 24-hour period, most top cryptocurrencies underperformed BTC amid a sea of red in the market. While bitcoin dropped by little over 3% in said period, ETH is down nearly 6% while XRP, DOT, EOS, MATIC, and LINK are all down over 8% Dogecoin dropped by over 11%.
Solana, which yesterday hit a new all-time high above $70, has only dropped by 2%. The cryptocurrency’s price has been surging because a number of projects developing on top of its network have recently received capital inflows. Decentralized exchange Mango markets, for example, raised $70 million in a token sale last week.
Serum, a decentralized exchange founded by cryptocurrency billionaire Sam Bankman-Fried, who’s also the CEO of cryptocurrency exchange FTX, is also built on top of the Solana blockchain.
Pentoshi’s short-term prediction would benefit various institutional money managers who have recently increased their exposure to the cryptocurrency by buying up a total of 250,204 shares in the Grayscale Bitcoin Trust (GBTC).
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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