Cryptocurrency strategist and pseudonymous analyst Pentoshi is issuing a warning about Bitcoin (CRYPTO: BTC) 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.
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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.
$BTC said it before but until the "lose this line" is lost
— Pentoshi 🐧 (@Pentosh1) February 23, 2023
You have to have a bullish bias
fwiw I didn't get filled today on this as I was out and didn't leave bids. But I'm sure many people did pic.twitter.com/zp3yHSeZHh
Also Read: Bitcoin, Ethereum Move Higher; Optimism, Enjin Coin Among Top Gainers
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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.
Am I as confident in the market as I was a week ago? No. Many, but not all alts look tired. There is certainly momentum concerns. So I will click less than before and be less aggressive in the market than I was in the past weeks.
— Pentoshi 🐧 (@Pentosh1) February 23, 2023
Earlier this month, Pentoshi predicted that Bitcoin could surge as high as $25,000 and Ethereum (CRYPTO: ETH) 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