A well-followed crypto analyst and trader announced on Twitter that his confidence in the crypto markets is waning. Not as optimistic as a week ago, he thinks there is a weakening momentum. Bitcoin like other crypto could see a drop, on one condition. He nevertheless thinks that the value of LDO could explode.
Crypto: Early Year Rally Loses Momentum
The analyst who goes by the pseudonym Pentoshi issued a statement to his 676,700 Twitter followers. He said his confidence in the markets compared to last week has diminished. Faced with weakening momentum, the crypto analyst and trader is no longer so optimistic. But he claimed that not all altcoins look tired. There are certainly concerns about momentum, he added.
Pentoshi will simply click less than before and be less aggressive in the market than it has been in recent weeks. Regarding Bitcoin, the analyst believes that the queen of cryptos could fall around the $21,000 price level. This will be the case if it breaks below the support around $23,300. Thus, Bitcoin’s (BTC) bullish thesis will not be valid if the leading crypto by market capitalization crashes below $23,300.
Shanghai upgrade is imminent
The analyst also mentioned Lido DAO (LDO) which is a liquid staking solution. It is available on Proof-Of-Stake blockchains such as Ethereum, Solana or Polygon. According to Pentoshi, LDO’s chart looks “incredible” before the Shanghai upgrade.
This upgrade that will allow Ethereum (ETH) staked withdrawals is imminent, he announced. Once the chart starts moving, it will be a very volatile move. And it doesn’t matter when because the graph looks “incredible”, he said. Recently, the Lido DAO (LDO) exploded by 200%. Investors seem to be snapping up this new nugget and many are optimistic about it.
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