Bitcoin
Prominent Analyst Says Bitcoin’s Upside Potential Is Limitless, Sees BTC Rising ‘Forever’ – But There’s a Catch
A widely followed cryptocurrency strategist believes that Bitcoin (BTC) the long-term upside potential is unlimited, despite the recent price crisis.
Pseudonymous analyst Pentoshi told his 801,000 followers on social media platform X that while he is bullish on Bitcoin in the long term, the king of cryptocurrencies could see a significant correction before moving higher.
“For BTC, I wanted to start with what I see as the worst-case scenario. Say, $48,000-$51,000, essentially 20-25% lower.
And in this scenario, people should be more optimistic the lower it is [goes] because the upside becomes larger. But again, let’s call this maximum drawdown.
Hard to imagine now, but not out of the realm of possibility. That’s where I would allocate the most.”
Source: Pentoshi/X
According to Pentoshi, the current macro landscape suggests that it is only a matter of time before the Federal Reserve begins to ease monetary policy — a condition that has triggered massive Bitcoin bull markets in the past.
He also says that with the launch of Bitcoin exchange-traded funds (ETFs) on the spot market earlier this year, more people are now competing to gain exposure to BTC. He goes on to predict that other nations will follow in El Salvador’s footsteps and begin accumulating
“The positive side, however, is limitless because we will soon return to a period of heavy printing.
So I see BTC as something separate from the altcoin market in the sense that it will likely go up forever via ETFs, with a finite supply and people competing for it, including more nation states in the future.
Altcoins will have completely separate cycles, in my opinion.”
The top trader concludes his outlook on Bitcoin by saying that it has witnessed parabolic rallies in the past, even before the existence of ETFs or the accumulation of countries like El Salvador.
“BTC could continue its own killing spree for months, and that was before ETFs & 401k, + nation states.”
At the time of writing, Bitcoin is worth $62,047.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be aware that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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