- Pentoshi, a top trader known for accurately predicting Bitcoin’s 2021 bull market end, warns that Bitcoin (BTC) is at risk of further sell-offs, eyeing a possible breakdown to $20,000.
- Alongside BTC, Pentoshi suggests Binance Coin (BNB) may also see a significant decline, indicating potential vulnerability in the wider crypto market.
Prominent trader Pentoshi, reputed for accurately forecasting the cessation of Bitcoin’s (BTC) 2021 bull run, cautions that Bitcoin, the cryptocurrency torchbearer, is dangerously close to further sell-off events. In his recent Twitter alert to his nearly 700,000 followers, he signaled the precarious proximity of Bitcoin to its immediate support around the $25,000 mark.
Pentoshi infers that a potential stock market correction might trigger the next downward BTC trend. He highlighted the fragility of the current crypto market combined with S&P 500 (SPX) and Nasdaq (NQ) indices possibly being at or near their local peaks. According to Pentoshi, these factors collectively present a high likelihood of breaching the 90-day range for Bitcoin and Ethereum.
Interpreting Pentoshi’s chart, if Bitcoin indeed slips below the $25,000 threshold, it could first tumble to approximately $22,600, with $20,000 being the ultimate support level. At the time of writing, Bitcoin’s market price stood at $25,738.
Pentoshi is also keeping a keen eye on Binance Coin (BNB), the utility token of the world’s largest crypto exchange. He predicts BNB is likely to tumble below the $200 support line within the upcoming months. His speculation,
“We probably find out what lies beneath here soon enough (Q3), and it’s probably ugly,”
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indicates a rather bearish outlook for BNB, which, at the time of writing, is priced at $235.66.
Turning his focus to the broader crypto landscape, Pentoshi suggests that despite altcoins already experiencing a significant depreciation over the past year, they might still face further value erosion. In his words,
“Just because something is down 90% doesn’t make it a good buy. Context is incredibly important. Something can fall 90% repeatedly.”
Thus, he advises crypto investors to exercise caution and prudence, emphasizing the importance of context when making investment decisions.
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