An analyst who has reached the top of Bitcoin’s (BTC) 2021 bull market thinks the crypto king is gearing up for an explosive rally.
Pseudonymous analyst Pentoshi tells According to its 703,300 followers on social media platform
“This slow approach to BTC reminds me of the steps that eventually lead to much bigger moves.”
According to Pentoshi, Bitcoin is unlikely to rise in a straight line, but he believes the dips will be short-lived.
“BTC will have some sharp pullbacks, but if this is a new trend, these will likely be short-lived.”
At the time of writing, Bitcoin is trading at $30,643.
The analyst is also keeping an eye on the price action of decentralized oracle network Chainlink (LINK). Pentoshi says LINK has already broken out of its huge accumulation range and now looks poised to reach its target close to $12.
“There have been people who have paid this for a year in a row. I think all in all this was a huge time and opportunity cost.
With an outbreak like this, you don’t have to pay for the time aspect. You can usually rent the tokens on a short-term basis and put them back on the market later.”
At the time of writing, LINK is worth $10.46.
As for smart contract platform Solana (SOL), the analyst thinks the altcoin will see a brief pullback below $26 before rallying towards its $36 target.
“As promised, a few chart hits that I didn’t try to make this year. SOL was one of them and deserves an update.
I think we’ll see something like this, in the short to medium term. A great high-cap blue chip in my opinion (opinion only).”
At the time of writing, SOL is trading at $29.90.
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Generated image: Midjourney