According to Pentoshi, a crypto trader with nearly 285,000 followers, alt-season is about to take a break and Bitcoin is about to break out and “leave altcoins in the dust.” Pentoshi has nothing against altcoins and believes that some will still outperform, but in light of recent events, Bitcoin is showing signs of taking off to new highs in the near future.
His reasons? He points out two:
1. Healthy Bottom Line. This first chart is showing resistance levels and a bottom trend that will push prices higher. He tweeted:
"Are we watching the news or are we paying attention to what price is doing at this key MACRO spot that is so f$#@ing clearly defined a blind person could read it. Price showing strength on fud 37-30k bottom 45k Res."
Pentoshi also looks at data from last year and points out a similar pattern with altcoins that we are seeing now. This following chart is a reference to quarter 4 in 2020. Pentoshi writes, "Soon 'BTC' will break out temporarily turning alts to dust which in turn will lead to new ath’s + bring new participants."
2. Resistance to Chinese News. Bitcoin is once again showing resilience despite Chinese attacks. Pentoshi pointed out that BTC should have dumped this weekend because of China, but it did not. This shows strength. It shows that we do not need to panic over what China says or tries to enforce within their borders regarding cryptocurrency.
I follow Pentoshi on Twitter. He seems to be right more than he is wrong. It makes sense that BTC is primed to take off. My observation over the last year is that usually BTC takes off and pulls altcoins with it. However, the market does not always behave in this predictable way. Ethereum has shown strength at times even when BTC has struggled to gain traction. At the very least, whether alt-season is about to take a break or not, there are many indicators in addition to these that people are writing about that point to a bull market for Bitcoin. We shall see. I have accumulated a little more BTC over the past couple of weeks. I have a hunch that Pentoshi is right this time.
By the way, if you like my thumbnail image at the top, it is one of my NFT's I have created. You can view this and more on my website listed below.