Investing.com – After the market fell sharply during the US Federal Reserve’s shock over interest rate hike, amid expectations of continued tightening and raising by the Fed.
A currency strategist expects a big bounce for Bitcoin and an Ethereum competitor, as the crypto analyst who called for the end of the crypto bull market now expects a big bounce for Bitcoin and a competitor.
Cryptocurrencies suffered violent losses throughout the sessions of the past week in anticipation of the Fed’s decision, which came in line with market expectations, as the Reserve Bank decided to raise interest rates by 75 basis points.
The market value of digital currencies during that time fell near the levels of 930 trillion dollars, while it is settling today, Sunday, near the same levels, with a slight increase that does not exceed 10 billion.
Bentoshi, the famous crypto strategist, tells his 612k Twitter followers that after about a year, the trend of the largest cryptocurrency Bitcoin is no longer so bearish.
“It’s hard to switch bias after being doomed for 10 months, but I think that could happen in the next couple of months,” Pentoshi added.
The famous crypto expert continued, “I am also a time frame bias person, so focus more on the bigger time frames as I have reasons for that.”
40% more Bitcoin
According to Bentoshi, Bitcoin’s diagonal resistance that has kept BTC in a downtrend since November last year is nearing the end of its lifespan, and he now expects a rally towards $26,721.
At the time of writing, Bitcoin is changing hands at $1,054. The move to Pentoshi’s target indicates the possibility of a rally above 40% for the leading cryptocurrency.
The crypto expert said, uh, for a smart contract platform to rival Ethereum’s token, Pentoshi sees the Ethereum competitor seeing pools along with Bitcoin.
Bentoshi said that the Solana token, which is trading near $32.26 levels, is looking for a boost towards $37 levels, after which the coin is likely to launch.
The cryptocurrency market plunged last Friday amid warnings about investing in crypto assets, and following a string of interest rate hikes by a number of central banks globally.
Jamie Dimon, CEO of JPMorgan Chase, questioned his testimony before the US Congress about crypto tokens.
“They are decentralized Ponzi schemes, which means they are a way that platforms use to defraud investors by promising them high returns,” Dimon said.
Bitcoin is hovering near the levels of 19 thousand dollars, an increase of less than 1%, while it is declining 5% in a week and by 11% in a month, and its market value is about 366 billion dollars.
In contrast, Ethereum rises less than 1% near the levels of $1330, while it declines by 9% within a week and by 20% within a month, and its market value is about $163 billion.
While Solana is marginally declining during these moments of trading today, Sunday, near the levels of $ 34, with a market value of $ 12 billion, and it is down by less than 3% within a month, while it is declining 81% since the beginning of the year.