In the last 24 hours, the cryptocurrency market has failed to offer any substantial swings, with the bulk of coins trading flat with no actual differences. Bitcoin is up by 1.9%, trading at $38,927.95. ETH too has seen no major movement as it hovers around $2550. All other tokens on the chart follow the same cue.
A well-known cryptocurrency strategist is laying out a strategy for a significant Bitcoin (BTC) breakout on the way to a new all-time high. Pentoshi, a pseudonymous cryptocurrency analyst, tells his 526,300 Twitter followers that he sees a scenario in which Bitcoin prints bullish upper low settings and launches a parabolic run to $72,000.
Pentoshi, who has been a Bitcoin bear in recent months, is now leaning optimistic, predicting that BTC will see a surge in demand in the coming weeks.
Catalysts for BTC surge
The desire of Ethereum competitor Terra (LUNA) to buy about $1 billion worth of Bitcoin to add to its reserves, according to the crypto strategist, is one significant reason for a Bitcoin surge.
“My boy Do Kwon about to add $1.2 billion worth of BTC to their reserves. I’d guess, starting next week.”
Terraform Labs’ founder and CEO, Do Kwon, stated earlier this month that the company intends to become one of the top BTC holders.
El Salvador’s plan to buy $500 million worth of the king crypto through its Bitcoin bonds, according to Pentoshi, is another driver that might send BTC to new all-time highs.
Investor commitments for the country’s Bitcoin-backed bonds have topped $500 million, according to Blockstream’s Samson Mow, who told beINcrypto in February.