A trader who accurately predicted the peak of Bitcoin’s 2021 bull market is confident that the cryptocurrency giant will force even the most resistant bears to surrender. The pseudonymous analyst Pentoshi, sharing insights with his 717,200 followers on the social media platform X, highlights that the U.S. Securities and Exchange Commission (SEC) has slightly over a month to make decisions on several applications for spot market Bitcoin exchange-traded funds (ETFs).
A Bloomberg analyst has previously indicated that the SEC is poised to approve all proposals for spot-based Bitcoin ETFs in January. Pentoshi anticipates that Bitcoin (BTC) will experience additional upward surges in the coming weeks, enticing even the most skeptical Bitcoin traders to join the ranks of supporters for the leading cryptocurrency.
“40 Days until the BTC ETF. The skeptics have faced challenges in recent months. It’s reasonable to expect another significant upward movement as we approach the deadline, leading those who have resisted and observed in utter distress since the lows to finally capitulate. Capitulation works in both directions.”
Pentoshi isn’t the sole analyst expressing optimism about Bitcoin. Another pseudonymous analyst, Kaleo, presents a chart indicating that BTC could surge to as much as $45,000 in the upcoming days.
While Kaleo is optimistic about Bitcoin easily surpassing $40,000, Pentoshi holds the view that BTC may encounter some hurdles in the $40,000-$42,000 range.
“I anticipate that the $40,000-$42,000 range for BTC could pose some challenges. If you’ve ridden the price up and held onto your conviction, well done. This is a situation where game theory played a crucial role in sustaining conviction, almost providing a free ride.”
As of the current writing, Bitcoin is valued at $39,522.