A trader who has reached the end of Bitcoin’s (BTC) bull market in 2021 outlines when the crypto king could witness a major blowout to the upside.
Pseudonymous analyst Pentoshi tells his 699,400 Twitter followers that capital appears to be leaving the crypto markets.
However, the trader says that market conditions are likely to change in the coming months, just before Bitcoin witnesses its next halving.
“Check stablecoin (market cap) and total value locked (TVL) every day.
Every day stablecoin (market cap) is falling, TVL is falling, *MOST* altcoins TREND is falling.
When new money? SOON! Think by or around Q1 2024 BTC is screaming up…
I can’t imagine where we would be if it weren’t for Saylor, Tether + ETF (exchange-traded fund). Maybe less than $20,000.
The next Bitcoin halving is scheduled for April 2024.
In the meantime, the trader has a bearish outlook on BTC due to two macro headwinds.
pentoshi say that the recent rally in the oil markets indicates that inflation is on the rise again. He also expects regulators to hold off on approving a spot-based Bitcoin exchange-traded fund (ETF).
According to Pentoshi, the ensuing correction of these two factors could set BTC for a massive rally once regulators give the go-ahead for a Bitcoin ETF.
“Maybe after ETF Delay + Hot CPI (consumer price index) print. False Dump in Pump Looks Likely for Subsequent ETF Clearance…
Has nothing to do with hope. Everything that has to do with paying attention (my job).
Have you looked at energy in the past six weeks? Oil is up 24% leading to everything going up. Will it see either this (CPI) print or next. Fed is now also showing a hot print.”
At the time of writing, BTC is worth $29,098.
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Featured image: Shutterstock/Antonov Serg/Nikelser Kate