According to the latest reports, the crypto analyst who called the end of the crypto bull market is now predicting big bounces for Bitcoin (BTC) and Ethereum (ETH) challenger Solana (SOL).
The crypto strategist Pentoshi told his Twitter followers that after nearly a year, he’s no longer extremely bearish on Bitcoin.
“Hard to switch bias after being a doomer for 10 months but I do think this can play out in the next two months. I’m also a high timeframe bias person. So focused more on larger timeframes. I have reasons for this.”
Pentoshi said that Bitcoin’s diagonal resistance that has kept BTC in a downtrend since November last year is approaching the end of its lifespan. More than that, he is now expecting a breakout rally toward $26,721.
Regarding the smart contract platform Solana (SOL), Pentoshi sees the Ethereum competitor rallying alongside Bitcoin.
“Filled today $32.26. Looking for a ride up to $37. Will cut on a daily below the local lows.”
He continued and said the following:
“There is no FOMC (Federal Open Market Committee), or earnings until November. Fed terminal rates at 4.6% (pricing in the max after going from 0 to 4.6%). Think we can squeeze up. Markets are all at high timeframe support, first test of June lows, so it’s now or never.”
Ethereum to outperform Bitcoin
Ethereum co-founder Arthur Hayes is highlighting a key support level that should concern traders and investors who have placed long positions on Bitcoin (BTC).
In a new blog post, Hayes says that Bitcoin bulls should be “worried” about the $17,500 price level. It’s important to note that this is an area that marks the current bear market low for BTC.
The former BitMEX CEO said that Bitcoin’s performance would likely be determined by the US dollar liquidity index.
Check out more details about all this in our previous article.