A trader who has reached the top of the Bitcoin (BTC) 2021 bull market believes the crypto king will make the staunchest bears capitulate.
Pseudonymous analyst Pentoshi tells his 717,200 followers on social media platform .
A Bloomberg analyst previously noted that the SEC is gearing up to approve all bids for spot-based Bitcoin ETFs in January.
According to Pentoshi, BTC is likely to witness more rallies in the coming weeks, prompting even the bearish Bitcoin traders to get into the cryptocurrency’s highs.
“40 days until the BTC ETF.
The deniers have not had the best of times in recent months. It’s fair to assume we’ll get another big step up as we get closer and those who have faded and watched in complete agony since the lows capitulate. Capitulation works both ways.
Pentoshi is not the only analyst who is positive about Bitcoin. Pseudonymous analyst Kaleo shares a chart showing that BTC will rise to $45,000 in the coming days.
“$40,000 is still a magnet.”
While Kaleo thinks Bitcoin will easily rise above $40,000, so does Pentoshi believes that BTC is likely to encounter some resistance around $42,000.
“The range of $40,000-$42,000 for BTC I think it will be a bit of a challenge. But if you go here and maintain your beliefs, well done. This is one of the moments where I think game theory was super helpful in keeping that belief and almost giving me a free ride.”
At the time of writing, Bitcoin is trading at $39,522.
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Generated image: Midjourney