The cryptocurrency trader known as Pentoshi, who hit Bitcoin’s downfall in 2018, said there is just one more key level to be breached by the BTC before it becomes “unstoppable”.
Pentoshi, the cryptocurrency trader known for calling Bitcoin’s 2018 price crash, says there is just one more key level that needs to be breached before BTC can begin its next major rally.
In a new tweet, Pentoshi points out that Bitcoin’s price is currently trading just below the $10,000 resistance level, which is a key psychological level for the market.
However, Pentoshi notes that there is still one more important level that needs to be breached before BTC can start its next big move higher.
That level is the 200-day moving average (MA), which currently sits at around $10,600.
Once Bitcoin breaks above the 200-day MA, Pentoshi believes that it will quickly move to test the $12,000 resistance level.
If Bitcoin can break above $12,000, Pentoshi believes that there is nothing stopping it from reaching new all-time highs.
The trader’s comments come as Bitcoin’s price has been stuck in a tight range below the $10,000 level for the past week.
However, there are signs that BTC is beginning to show some signs of life, with the leading cryptocurrency currently trading up 3% at its current price of $9,780.
It remains to be seen whether or not Bitcoin can break out of its current range and make a move higher in the coming days and weeks.
According to Pentoshi, if that happens, Bitcoin should start a new high cycle capable of pushing the price beyond $64,000.
“Above $48,000, I don’t think anything stops this train. It is the last level structurally that can constitute a lower rally in the macro. From $45,000 to $48,000 there is very strong resistance due to the time we allot above it. We’ll probably see $40,600 again before any real [escape].”
So, according to the trader, all eyes are on $48,000.
Ethereum Price today
As for the Ethereum, Pentoshi believes that the world’s second-largest cryptocurrency in market value will prepare for a bullish boom of around $2,700.
“A good area for a higher low is marked on the chart. This is the first area I will buy in person. I would like to confirm the structure of the market now that we have higher rallies, with this tracking in the range of inverted highs to support higher lows,” he said.
Furthermore, the trader went even further. He stated that Ethereum will eventually outperform Bitcoin, surpassing its market value. At the same time, Pentoshi cited some key catalysts for this.
“ETH will pass the BTC. I will keep this point of view. With everything that goes on in this space, this is increasingly evident. The arrival of PoS [Proof of Participation] will further reduce inflation. The emission will drop 90%”, he concluded.