An analyst who nailed the top of Bitcoin’s (BTC) 2021 bull market thinks that the crypto king is gearing up for an explosive rally.

Pseudonymous analyst Pentoshi tells his 703,300 followers on the social media platform X that Bitcoin’s gradual ascent as of late is setting BTC up for a massive move to the upside.

“This slow grind up on BTC reminds me of the ones that eventually lead to much larger moves.”

According to Pentoshi, Bitcoin will likely not move up in a straight line, but he believes that the dips will be short-lived.

“BTC there will be some sharp pullbacks, but if this is a new trend, they will likely be short in duration.”

Source: Pentoshi/X

At time of writing, Bitcoin is trading for $30,643.

The analyst is also watching the price action of the decentralized oracle network Chainlink (LINK). Pentoshi says that LINK has already broken out of its massive accumulation range and now looks poised to hit his target close to $12.

“There have been people that shilled this for a year, straight. Think that was a huge time + opportunity cost all things considered.

With a breakout like this, you don’t have to pay for the time aspect. Typically, you can rent the tokens short term and return them to the market later.”

Source: Pentoshi/X

At time of writing, LINK is worth $10.46.

As for the smart contract platform Solana (SOL), the analyst thinks that the altcoin will witness a brief pullback below $26 before rallying toward his target at $36.

“As promised a few charts which I’ve tried not to do this year. SOL has been one of them and deserving of an update.

I think we see something like this, short to mid-term. In my opinion, a great high-cap blue chip (opinion only).”

Source: Pentoshi/X

At time of writing, SOL is trading for $29.90.

Generated Image: Midjourney

The post Top Trader Says Bitcoin Slow Grind Up Could Lead to Much Larger Moves, Updates Outlook on Solana and Chainlink appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ October 23, 2023 8:23 pm