A top trader who has reached the end of the 2021 Bitcoin bull market says people need to start looking at BTC from a different perspective.
Pseudonymous analyst Pentoshi tells his 766,100 followers on social media platform X that Bitcoin traders asking for top positions should look beyond the charts.
According to the analyst, a number of factors are working together to push Bitcoin into uncharted bullish territory.
“I think the right way to look at crypto, instead of always mentioning the top, is to broaden your time horizon.
The BTC Exchange Traded Fund (ETF) was the most bullish ETF in history. The suits love it, people wanted it but didn’t know how to buy it. It will become easier to use, with a better user interface, and there will be more people on board.
Central banks will print money, they always have and have shown that they cannot stop. So whatever happens, this should theoretically drift up and to the right on any major time frame.
When Covid happened, I initially thought stimmies like this would never happen again, and maybe they won’t.
But what has happened is a generational mindset shift where people are online more and gambling more, and in today’s world system this may be the only way out.
So stop trying to call the top, zoom out and think about where things are going in ten years. Higher.”
Pentoshi also looks at TOTAL3, which tracks the total market capitalization of all crypto assets excluding Bitcoin, Ethereum (ETH) and stablecoins. The trader shares a chart that suggests the altcoin market is gearing up for rallies after hitting a key resistance level.
“We haven’t seen anything yet, in terms of alts. It’s a matter of when, not if.”
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Generated image: DALLE3