Analyst Predicts Bitcoin Price Can Return to Record Highs, These are the 2 Drivers!

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Analyst Predicts Bitcoin Price Can Return to Record Highs, These are the 2 Drivers!


It's been 12 days, Bitcoin price has moved below US$ 40,000. However, this crypto analyst projects, the price of Bitcoin could break a new all-time high.

CoinMarketCap data on Monday (14/3) at 13:20 WIB, the price of Bitcoin was at US $ 38,513.03 or down 1.65% in the last 24 hours, but in the week it edged up 1.18%

Citing The Daily Hodl, a popular crypto strategist outlines the path for a strong Bitcoin price breakout en route to new all-time highs.

Pseudonymous crypto analyst Pentoshi said on Twitter he sees a potential scenario in which Bitcoin price continues to print bullish and triggers a parabolic rally to $72,000.


With Bitcoin price currently hovering around US$38,500, a rally to the Pentoshi target represents a potential upside of over 80%.

Pentoshi, which has been a Bitcoin bear in recent months, is now starting to lean towards the bulls. Because, he said, Bitcoin could receive a wave of requests in the coming weeks.

According to him, one of the main catalysts for Bitcoin's rally was Ethereum competitor Terra's intention to buy US$1 billion worth of BTC to add to its reserves.

“Do Kwon will add US$1.2 billion worth of BTC to their reserves. I think, starting next week,” said Pentoshi.

Do Kwon, founder and CEO of Terra Terraform Labs, said earlier this month, his company plans to become one of the largest Bitcoin holders.


Another catalyst that could send Bitcoin to new all-time highs, Pentoshi says, is El Salvador's plan to buy the world's largest cryptocurrency $500 million through its Bitcoin bonds.



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