Influential crypto analyst Pentoshi provided a comprehensive analysis of the wider cryptocurrency market, making the case for asymmetric upside for Bitcoin BTC/USD.
What Happened: The analyst outlined what he believes could be the worst-case scenario for Bitcoin: a range of $48,000-$51,000, marking a 20%-25% decline.
However, he emphasized that in such a scenario, investors should become more bullish as the potential upside increases.
Pentoshi further pointed out that Bitcoin’s upside is essentially limitless due to the likelihood of “increased printing” in the future. He predicts Bitcoin will continue to drift upwards indefinitely, driven by ETFs, its finite supply and increasing competition, including from nation-states.
He added that altcoins should be seen separate from Bitcoin and will have separate cycles entirely.
Also Read: What Do Traders Expect From Bitcoin In Q3?
Why It Matters: The trader’s analysis highlights the distinct cycles of Bitcoin and altcoins, suggesting that the two do not necessarily move in tandem. Responding to a comment, Pentoshi said that "even here is likely great long-term value" based on the direction things are trending.
Another notable crypto trader sees this as "definitely not out of the realm of possibilities."
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image created using artificial intelligence with Midjourney.
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