Influential cryptocurrency trader Pentoshi has recently shared a rather optimistic view on the prospects of the flagship cryptocurrency Bitcoin ($BTC), suggesting the cryptocurrency could still rise further to $32,500, a figure last seen in May of 2022, after moving up over 20% in the past week.
The cryptocurrency analyst, who communicates his insights to an audience of over 693,200 Twitter followers, bases his bullish stance on the observation that Bitcoin has successfully maintained a higher low at the $25,000 mark, demonstrating a measure of resilience at the $26,700 level.
Despite his positive outlook, Pentoshi urges caution, stating that he will only start to feel truly optimistic once Bitcoin surpasses its 2023 high of around $31,000, which it attained in April. He notes that this would follow a waiting period of six to eight weeks during which Bitcoin has been gradually recovering.
Pentoshi, as Daily Hodl reported, also credits some recent developments in the finance world with preventing a potential collapse in the value of Bitcoin. He points to the filing by BlackRock, the world’s largest asset manager, for the launch of the first spot-Bitcoin exchange-traded fund in the US, and the start of operations by a crypto exchange backed by industry heavyweights like Fidelity Digital Assets, Charles Schwab, and Citadel Securities.
According to Pentoshi, these moves are likely to increase demand for Bitcoin, especially taking into account that BlackRock’s filing for a spot Bitcoin ETF seemingly kicked off a race to list such a product, with Invesco, WisdomTree, and others also filing to list spot Bitcoin ETFs.
As CryptoGlobe reported, large investors are also seemingly bullish on BTC. According to available data, large whales holding between 1,000 to 10,000 BTC have seen a combined increase of $3.5 billion since the first week of April.
Over the past 11 weeks, these Bitcoin whales have accumulated a staggering 131.6k BTC, bringing their holdings to a seven-month high. This trend indicates a level of confidence among these significant holders that the recent decline in Bitcoin’s price is temporary, and that the long-term prospects of the currency remain positive.
Featured image via Unsplash.
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