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With Bitcoin hovering above $50,000, widely followed crypto analyst and trader Pentoshi is predicting a wild Bitcoin rally, with the leading cryptocurrency now primed to print a massive green daily candle.
“$49,893 as posted yesterday was the point of breakdown in May. Right now acting as support. BTC in my opinion trapping sellers and about to put a green candle where the sun doesn’t shine for bears. $5,000 candle in a day seems like something that’s being built.”
As for his bull cycle target for Bitcoin, Pentoshi believes that BTC could rally to as high as $180,000, marking a 250% upside potential from its current value of around $51,000.
“Vertical accumulation innit ‘colorized’ 2012-2021.”
In other trending Bitcoin News today: On Tuesday, El Salvador will officially begin using Bitcoin as its national currency alongside the United States dollar.
Despite heavy warnings and even demands to abort the move from the likes of the International Monetary Fund and others, the country’s president, Nayib Bukele, has held firm. Now, Bitcoin and its adoption will begin a major new experiment.
“BREAKING: At the same time El Salvador’s bitcoin bill will become law, at 3pm September 7th, a huge Brazilian Reddit community, with more than 3 million members, will buy $30 in BTC each, remembering that Sep 7th is Brazil’s independence Day. More and more users are joining.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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