A closely followed crypto analyst is laying out Bitcoin’s worst-case scenario while also showing how BTC could shoot up to a new all-time high.
In a new thread, pseudonymous crypto analyst Pentoshi tells his 865,000 followers on the social media platform X that the top crypto asset by market cap could dip to a price in the mid-$90,000s if it were to lose support around the $101,000 to $102,000 area.
However, according to the analyst, demand for the flagship digital asset will be greater than all the BTC mined from all points, which in turn should eventually lead to a price spike.
“We are still making higher highs and higher lows, overall this is a strong uptrend… [In my opinion], the worst case scenario [if] the trend [were] to continue [is] we see mid $90,000s as the next higher low. That’s IF we lose around $101,000-$102,000 area, which is the current support.
I don’t really think you can compare this currently to 2021 because the situation isn’t the same at all, we were going into a period then of [quantitative tightening] after a period of extreme excess.
The competition currently for BTC is only growing, and I’m quite certain the demand is greater than the daily mined BTC from all data points. So demand > supply over any period of time. I think the biggest enemy of people is their own patience. I too make these mistakes [from] time to time.”
The trader’s chart indicates that BTC could dip to his target sometime between June and July before sparking a rally to the $120,000 range.
BTC is trading for $105,471 at time of writing, a 1.5% decrease during the last 24 hours.
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The post Here’s How Low Bitcoin Could Fall in the Worst-Case Scenario, According to One Widely-Followed Crypto Trader appeared first on The Daily Hodl.
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