Posting on his twitter account with 518,400 followers, Pentoshi says that the $39,000 level must be kept in order for BTC to avoid a big risk of selling.
"Despite all the bullish propaganda, the price still does not exceed certain levels. The bulls depend on life support here."
As Bitcoin is still trading above Pentoshi's key level, the crypto analyst predicted that BTC would start a relief rally to $42,000 before continuing the downtrend. However, BTC has dropped below this level as of now.
“Setting macro considerations aside and looking at shorter timeframes, BTC will likely provide some relief before it starts falling again. I think the bears will accept a test of support before the bulls try to move forward again to their final defense.”
The strategist, who has studied Ethereum after Bitcoin, believes that the leading smart contract platform is in a bearish trend and will likely trade below $2,000 if it loses support at $2,200.
Evaluating within Ethereum rival Solana (SOL), the analyst believes that the bulls should keep SOL above $80. Otherwise, it predicts a correction to $50.
Pentoshi claims that smart contract platform Cardano's token, ADA, is facing a 60 percent drop if it loses support at $1.00.
Bitcoin Might Have Bottomed!
Bitcoin currently has a harmonic pattern, which is a bullish pattern. Bitcoin has bottomed out in line with the formation defined as Bullish Pat Pattern. Due to this formation, Bitcoin needs to return from these levels. If Bitcoin is bullish, the first target level can be expected to be around $39,400.
Again, if this formation is followed, BTC should first rest at $ 37,400 in case of a downside break. With Bitcoin continuing its downward direction, it needs to bounce off the $36,000 levels. If Bitcoin rises to the last target level, it is expected to reach $ 44,500. Since it is the last day of the week, Bitcoin, which seems very likely to rise from this level to the 2nd target level, can be expected to make the weekly closing above the $ 40,500 level.