Crypto trader Pentoshi has gained a massive social media following in recent years. He recently received a lot of traction from the Bitcoin and crypto community members on Twitter for his insightful remarks about the flagship cryptocurrency. The trader believes that if Bitcoin is going to face a correction to $42K-$40K in the near term, it is highly likely that it is settling down for a higher and bigger price evaluation.
Pentoshi claims that such a move from the flagship cryptocurrency is going to assert its visible and unrivaled dominance in the market. Addressing his 200K followers on Twitter, he made his predictions when the price of beacon coin underwent a correction from $47K to $45,300 in the last 24 hours. The price correction was first reported by analytics services CryptoCompare. Pentoshi also told his followers that it is high time to buy more Bitcoin, and he is taking a rotational focus approach towards BTC investment this year.
Crypto traders and proponents are not only bullish on Bitcoin this season as there is considerable interest in the altcoin market as well. Crypto enthusiast Scott Melker believes that silver cryptocurrency, Ethereum, has the potential to reach $10,000 in the ongoing bull wave. He gained his popularity and massive social media followership by hosting the popular podcast ‘The Wolf of All Streets.’
Ethereum’s Price will also Surge
According to Melker, this whopping rise in Ethereum price is going to become visible in the next 6-12 months. However, data projections from the cryptocurrency market claim that red candles lit up on the crypto leader board in the last 24 hours. Bitcoin corrected by 3%, while Ethereum went down by 6%. The altcoin market also started a downward price movement with tokens like MATIC, EOS, DOT, XRP, LINK, and several others face an average appreciation of 8%.
The correction wave in the crypto market in the last 24 hours has affected many altcoins. Dogecoin has gone down 11% due to this effect. Among the chaos, Solana, a blockchain supporting platform, has been able to adhere to its price evaluation better than many. Only losing 2% Solana token managed to register a new ATH above $70 price point.
The main cause of this price appreciation is that there are other DEX build on Solana like Mango markets and Serum that has recently invited massive inflows. Mango Markets singlehandedly raised $70 million for a new token on the decentralized exchange last week. Pentoshi’s price predictions are going to be beneficial for investors who have diversified their investment with Grayscale Bitcoin Trust shares that are counted more than 250K.