#Kripto Pentoshi, a cryptocurrency analyst closely followed by the money market, addressed his followers on Twitter. Famous analyst pointed out a decline for Bitcoin! Here are the details…

Famous analyst pointed out a decline for #Bitcoin !

Pentoshi, who is closely known and followed by the cryptocurrency market, stated in the data he conveyed to his 693 thousand Twitter followers that if Bitcoin loses its immediate support, BTC may experience a decrease of up to 38 percent from its current price. The famous analyst points to a near-term decline for the leading cryptocurrency. The analyst's words are as follows:

This area of ​​BTC is essentially what I've been wanting to see in prices for the last two months. If we fall back into the range below that, I think $19,000 – $20,000 and $22,000 – $23,000 are very likely, as we have seen with similar setups. So this could be a good way for management to work around this price. Altcoins have also returned to their November lows. It could be a good opportunity.

At the moment, the leading cryptocurrency Bitcoin was trading at $26,225. According to Pentoshi, Bitcoin is facing a number of headwinds that could catalyze the next decline for BTC.

Here are a few things to consider. Crypto has mostly suffered because of these. It doesn't generate revenue, it doesn't have companies that make a profit or provide services. 401Ks/ETFs etc. no. Combined with lack of ability to invest from large allocators due to uncertainty = cause weakness.

A few dark clouds overhead could be pressure from the Justice Department (put that on a very, very high probability of happening in the near term). I think that's actually a certainty. However, the possibility of the S&P 500 index/Nasdaq peaking.

Looking at the S&P 500, Pentoshi predicts that the index will likely correct as it approaches a significant resistance area in the next few weeks. While the expert said, "I think we will retreat towards 4,300 in the next few weeks," he stated that local fatigue was evident.

A leading cryptocurrency analyst attributes the cryptocurrency market's low levels to several reasons. He states that if these reasons are overcome, the cryptocurrency market may rise. But until this happens, he makes bearish predictions for Bitcoin.