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Cryptocurrency strategist and pseudonymous analyst Pentoshi is issuing a warning about Bitcoin BTC/USD and the wider crypto market.
Sharing his thoughts with his Twitter followers, Pentoshi said that Bitcoin would likely fall to around the $21,000 price level if it breaks below the support level of around $23,300.
He added that the bullish thesis for Bitcoin will be invalidated if the largest digital asset by market cap crumbles under the $23,300 support level.
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Talking about the crypto market, he said he is no longer as bullish on the market as he was a week ago, and his confidence has waned compared to last week due to weakening momentum.
Earlier this month, Pentoshi predicted that Bitcoin could surge as high as $25,000 and Ethereum ETH/USD could reach a ‘god candle’ towards the $1,900 mark if BTC flips $23,300 and ETH flips $1,680.
At the time of writing, Bitcoin was trading at $23,043, down by 6.3% in the last seven days. BTC has fallen 3.5% in the past 24 hours.
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Photo: Simple FX on flickr
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Image and article originally from www.benzinga.com. Read the original article here.