Gate News bot news, a cryptocurrency analyst known for predicting the peak of the 2021 bull run is preparing to buy when Bitcoin falls below the 100,000 dollar mark, indicating his confidence in Bitcoin's long-term trend.
The trader, also known as Pentoshi, stated that he recently started to build new Bitcoin positions, purchasing 25 Bitcoins, and plans to significantly increase his holdings if the price hits what he considers a major support level around $94,000.
Although the market failed to break above his $120,000 target in the recent rally, Pentoshi said he would not be discouraged. "The area around $94,000 is something I want to aggressively target," he noted, describing the area as a key suck-up range regardless of short-term price action.
He acknowledged that macro uncertainty and geopolitical tensions could put additional downward pressure on Bitcoin in the short term, but he emphasized that his outlook is based on a broader, multi-year time frame.
For those looking to seize the bottom opportunity, Pentoshi warns against blindly following the trend and points out that market fluctuations may further push prices down in the short term.
Looking ahead, this analyst believes that the gradual devaluation of fiat currency, especially the US dollar, will drive more investors towards Bitcoin to hedge against the risks of currency devaluation. "People are waking up," he stated, hinting that a structural shift in traditional currency could become the next significant driving force for the adoption of Bitcoin.
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Experienced traders see the fall of Bitcoin below $100,000 as a good buying opportunity.
Gate News bot news, a cryptocurrency analyst known for predicting the peak of the 2021 bull run is preparing to buy when Bitcoin falls below the 100,000 dollar mark, indicating his confidence in Bitcoin's long-term trend.
The trader, also known as Pentoshi, stated that he recently started to build new Bitcoin positions, purchasing 25 Bitcoins, and plans to significantly increase his holdings if the price hits what he considers a major support level around $94,000.
Although the market failed to break above his $120,000 target in the recent rally, Pentoshi said he would not be discouraged. "The area around $94,000 is something I want to aggressively target," he noted, describing the area as a key suck-up range regardless of short-term price action.
He acknowledged that macro uncertainty and geopolitical tensions could put additional downward pressure on Bitcoin in the short term, but he emphasized that his outlook is based on a broader, multi-year time frame.
For those looking to seize the bottom opportunity, Pentoshi warns against blindly following the trend and points out that market fluctuations may further push prices down in the short term.
Looking ahead, this analyst believes that the gradual devaluation of fiat currency, especially the US dollar, will drive more investors towards Bitcoin to hedge against the risks of currency devaluation. "People are waking up," he stated, hinting that a structural shift in traditional currency could become the next significant driving force for the adoption of Bitcoin.
Source: Cryptodnes