A crypto analyst who correctly predicted the 2021 Bitcoin peak is now forecasting a new all-time high for Bitcoin (BTC) this month.
Bitcoin’s Price Surge: High Demand, Low Supply
Pentoshi, a popular analyst with over 866,000 followers on X (formerly Twitter), points to Bitcoin’s weekly chart. He says the demand for Bitcoin significantly outweighs the supply, pushing prices higher. He’s seeing huge demand from traditional finance (TradFi) companies, fueling his bullish prediction. Pentoshi boldly predicts a Bitcoin price of around $120,000 this month.
Long-Term Outlook and Patience
Pentoshi advises patience and a long-term perspective on Bitcoin. He acknowledges the common question of why Bitcoin isn’t rising faster, given the billions of dollars flowing into it, but urges investors to zoom out and see the bigger picture. The price will get there, he says, even if it doesn’t happen as quickly as some would like. At the time of writing, Bitcoin is trading at $105,536.
A New Crypto Bubble Brewing?
Looking beyond Bitcoin, Pentoshi believes a new bubble is forming in the broader crypto market. He points to the soaring valuations of crypto companies going public through IPOs (Initial Public Offerings) as a key indicator. He sees this as another bubble ripe for the chasing. This prediction follows the impressive debut of Circle (CRCL), a stablecoin issuer, whose stock price jumped significantly on its first day of trading.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
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