An analyst known for calling the November 2021 crypto bull cycle top says he’s looking to heavily accumulate Bitcoin (BTC) if it drops below $100,000.
Pseudonymous analyst Pentoshi tells his 867,700 followers on the social media platform X that he’s long-term bullish on Bitcoin, and he thinks dips below the six-figure price level are golden opportunities to stack more BTC.
“I bought 25 BTC to start to scale in. Spot, of course.
But I think the biggest area I want to buy is around $94,000 if given, where I would go pretty heavy. I think in the next few years we are going much, much higher regardless. In the short term, it’s hard to say. The chart looks not ideal.
I see that area as current value, however. Of course, I was hoping for us to see $120,000+ at the recent highs. It just didn’t happen. We don’t always get what we want.”
While the trader thinks that Bitcoin will soar over a long arc of time, he points out that macro uncertainties and geopolitical tensions could drive BTC to lower levels in the short term.
“I don’t suggest following me into this at all, there’s a TON of uncertainty. And we likely do go lower. My time frames likely differ from yours. I mostly focus on broader, higher time frames than the minute-to-minute stuff.
I would say odds are higher we do go lower for those looking to actually knife catch.”
As for the catalyst that will fuel Bitcoin’s ascent in the coming years, Pentoshi says the debasement of the US dollar will drive people to dump their fiat currency in favor of BTC.
At time of writing, Bitcoin is trading for $105,400.
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