An expert who accurately predicted the peak of the crypto bull cycle in November 2021 is now eyeing a significant accumulation of Bitcoin (BTC) if it falls below $100,000.
Pentoshi, a pseudonymous analyst, shared with his 867,700 followers on X that he remains bullish on Bitcoin in the long term and sees dips below $100,000 as prime opportunities to increase his BTC holdings.
“I started by purchasing 25 BTC to begin scaling in. All spot, of course.
However, I am particularly interested in buying heavily around the $94,000 mark if it drops to that level. I believe that regardless of short-term fluctuations, Bitcoin will see significant growth in the coming years. Although the current chart may not look ideal.
I consider that price range to be the current value. Admittedly, I was hoping for Bitcoin to reach $120,000+ during the recent highs, but it didn’t materialize. We don’t always get what we hope for.”
Despite his optimistic long-term outlook for Bitcoin, Pentoshi acknowledges that macro uncertainties and geopolitical tensions could drive BTC to lower levels in the short term.
“I do not recommend blindly following my lead in this situation, as there is a significant amount of uncertainty. It is likely that we will see further declines. My timeframes may differ from yours, as I tend to focus on broader, longer timeframes rather than minute-to-minute fluctuations.
For those attempting to catch a falling knife, I would say the odds are higher that prices will continue to drop.”
Regarding the catalyst that will propel Bitcoin’s growth in the years ahead, Pentoshi predicts that the devaluation of the US dollar will prompt individuals to shift from fiat currency to BTC.
As of the time of writing, Bitcoin is trading at $105,400.
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