Analyst reveals "gold price zone" to buy Bitcoin

The famous analyst Pentoshi, who accurately predicted the peak of the cryptocurrency bull run in November 2021, recently shared an optimistic view on this cryptocurrency in the long term.

Buy Bitcoin when the price drops below 100,000 dollars

Pentoshi began sharing his views with the cryptocurrency community by revealing his personal investment strategy. According to him, the drop in Bitcoin price below 100,000 dollars is a golden opportunity to buy more BTC.

“I bought 25 BTC to start expanding my portfolio. Of course, at market price.”

However, I believe that the most important area for me to increase buying is around the $94,000 level, if there is an opportunity, and I will invest heavily there. I believe that in the coming years, we will definitely witness a significant growth surge. In the short term, it is really difficult to make an accurate prediction. The current chart is not very optimistic.

However, I still see the current price level as an attractive opportunity. Of course, I had hoped we would reach the $120,000+ mark in the recent bullish run, but that did not happen. The game sometimes does not go as we wish.

Macroeconomic instability and geopolitical tensions may affect Bitcoin prices

Although there is optimism about Bitcoin in the long term, Pentoshi also points out that the current macroeconomic instability and geopolitical tensions may cause Bitcoin to be bearish in the short term. He emphasizes that the crypto market is still facing many uncertainties, and the price of BTC may continue to experience significant volatility in the coming period.

“I do not recommend that you follow my strategy, as there are currently too many uncertain factors. And it is very likely that the price will continue to decrease. The time frame I monitor may differ from yours. I mainly focus on long term time frames, not minute-by-minute fluctuations.”

However, Pentoshi also believes that the possibility of the market declining further could open up great opportunities for investors looking to “catch the bottom.” He shared:

“I think the success rate will be higher if we witness a strong price drop, especially for those who really want to catch the bottom.”

Catalysts Driving Bitcoin Price in the Future

When asked about the factors that could drive the price of Bitcoin in the coming years, Pentoshi stated that the depreciation of the US dollar will be one of the important catalysts. He predicts that in the context of a weakening dollar, many people will abandon fiat currency and turn to Bitcoin as a safer store of value.

“We may witness a significant shift from fiat currencies to Bitcoin as the dollar weakens. This will drive demand for BTC and create a strong growth momentum in the future.”

At the time of writing, the price of Bitcoin is trading at around $105,213, close to the price that Pentoshi considers a good buying opportunity if it drops below $100,000. However, with the ongoing volatility of the crypto market, this analyst still maintains the view that investors need to be cautious and consider macro factors when making decisions.

Itadori