- Noted trader Pentoshi, famous for his accurate prediction of the Bitcoin (BTC) 2021 bull market’s conclusion, now suggests a significant price surge in the future.
- Pentoshi expects shifts in market conditions around the next Bitcoin halving event, scheduled for April 2024.
Known for his spot-on forecast of the 2021 bull market’s finale, renowned trader Pentoshi is now envisioning a forthcoming rally for Bitcoin (BTC), the pioneer cryptocurrency.
Every day checking stable coin and TVL
Every day, stable coin go down, TVL go down, *MOST* alts TREND down
When new money? SOON! Think by or around Q1 2024 $BTC is screaming up tbh
Hate to think where we'd be if it wasn't for Saylor, Tether + ETF. Maybe sub 20k lol pic.twitter.com/6co6YCKZ5z
— Pentoshi 🐧 euroPeng 🇪🇺 (@Pentosh1) August 5, 2023
Pentoshi has discerned a current outflow of capital from the crypto markets. However, he predicts this scenario will pivot in the upcoming months, most notably around Bitcoin’s next halving event, slated for April 2024.
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Understanding Market Signals and Influences
Pentoshi elaborates that a decrease in most altcoins’ trends, combined with a declining stablecoin market cap and Total Value Locked (TVL), may indicate the absence of new capital influx.
Nonetheless, he is optimistic that fresh funding will flow into the market, propelling Bitcoin’s price to ascend around 2024’s first quarter. Supporting this view, Pentoshi references key figures and institutions, including Michael Saylor, Tether, and the potential sanction of a Bitcoin exchange-traded fund (ETF). These entities, he believes, serve as buttresses preventing Bitcoin from plummeting below the $20,000 threshold.
However, two key macroeconomic variables temper Pentoshi’s outlook. The recent surge in oil markets points towards the potential resurgence of inflation, while the anticipated delay in approving a Bitcoin ETF could add more downward pressure on BTC prices.
In the light of regulatory setbacks and inflationary pressures, Pentoshi predicts an imminent correction, creating an avenue for a significant rally once the Bitcoin ETF gains regulatory approval.
He further explains that the deferred ETF approval, together with an elevated consumer price index (CPI), might result in a temporary slump in Bitcoin prices. He underscores the need to monitor these indicators, noting the recent surge in oil prices that could influence various markets and induce upward price pressure.
Anticipating the Next Bitcoin Halving Event
Historically, Bitcoin halving events – occurring roughly every four years – have notably impacted the cryptocurrency’s price. With the next halving anticipated for April 2024, the crypto community watches with bated breath for potential effects on Bitcoin’s valuation.
Regulatory Prospects and the Bitcoin ETF
Market participants keenly await regulatory approval of a Bitcoin ETF, a development that would offer investors a regulated and straightforward method to tap into the cryptocurrency market. Nonetheless, apprehensions about market manipulation, investor protection, and custody solutions have delayed the approval process. Traders and analysts persistently monitor regulatory advancements and the activities of influential crypto figures, as a favourable regulatory stance could reignite market momentum and escalate investor participation.
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