#1 Cryptocurrency Trader to Follow – ‘ETH will flip BTC by end of 2022’

Perhaps the best cryptocurrency trader to follow on Twitter, Pentoshi trades with millions of dollars and passed the 200k follower mark after predicting the $64k top (posting the chart above in February) and selling there.

On his handle @Pentosh1 he alerted Crypto Twitter – or CT as it’s known – of red flags in the price action on several time frames. On the daily chart the Bitcoin price had broken out after consolidating for 50 days, then dipped back into the range.

The weekly candle was looking ugly – at the time forming a bearish gravestone doji. The monthly candle was also potentially forming a doji.

Selling the Top

$BTC
Several red flags popping up on multiple time frames

1D Price consolidated for 50 days, broke out and is now back inside the range. Potential deviation/thrust

1W This is an ugly candle if it closes like this at top of uptrend

1M Long ways to go but momentum stalled/ doji pic.twitter.com/pgAAW21INI

— Pentoshi Wont DM You (@Pentosh1) April 17, 2021

The move above the previous top around $62,000 did turn out to be a deviation – similar to a fakeout – and Bitcoin would begin its over 50% dump after breaking the lower line of his triangle.

Before that happened though Pentoshi correctly sold 42 BTC for $2.5 million and thousands of Litecoin (each worth over $300 at the time).

Pentoshi had already sold around 10 BTC and half his altcoin holdings at $63.5k a few days before, citing the Bitcoin dominance level as a factor in his risk management system.

Best Cryptocurrency Trader to Follow – His Analysis

I trade a strict system mostly with a macro perspective. For example selling 1/2 my btc at 64k and 1/2 my #alts at this $btc dom level. I have no idea of what happens next. But I captured the meat of the move. My emotions tell me to keep apeing. My system says scale out. Compound https://t.co/52vjiZiYu5 pic.twitter.com/iN8f2oZ44v

— Pentoshi Wont DM You (@Pentosh1) April 17, 2021

He admitted his emotions were telling him to keeping ‘apeing’ (going all-in, longing the top with 100x leverage, following Michael Saylor’s advice to take out a mortgage on your house to buy Bitcoin, etc.) but the smart call was to derisk, scale out and compound his gains if the correction did come.

He added ‘Have a plan and execute. Markets are about probabilities not certainties. Alts are up 10-100x. And at an inflection point. Manage risk. If you can’t understand this bc it goes against your bias. Ngmi’ (not going to make it).

Buying the Bottom

The next day he tweeted he’d be buying the dip, but not yet. He made a plan to buy back his spot 60k BTC at under $50k and over $45k, as in his opinion that would be as low as it’d go on the first impulse down.

Bitcoin did indeed bounce at $47k and go back to almost $60k – another perfect prediction.

I’ll buy 55-60 spot $btc (not leverage$ if we see $45k. Imo that would be as low as we go

— Pentoshi Wont DM You (@Pentosh1) April 18, 2021

One more piece of good advice he tweeted was ‘It’s okay to not always be in a trade. Once you learn that you’ll become much more profitable. If you can learn this. You’ll keep + make more wealth. Because you’ll have discipline and patience to take A+ trades. I use to close one trade and enter another early on in my career.‘

Pentoshi was still macro bullish, but considered that we’d formed a local top, and discounts were an opportunity to buy the dip. He also moved a lot of his holdings into Ethereum and Link.

After the first bounce Bitcoin did go under $45k but he kept buying spot posting ‘$30k is not the new $6k, they are nothing alike’ (under the tweet below). While many Twitter cryptocurrency traders were bearish and calling for $20k, he tweeted that was ‘not happening’.

Just as he called the top, he called and bought the bottom around July 19th.

The thing about bottoms is that rarely do people think they are bottoms. In 2018 when $btc fell to 3200 and $eth 88 people were calling for sub 2k and substratum used this treasury to short eth. Covid crash people thought every move up was a dead car bounce.

— Pentoshi Wont DM You (@Pentosh1) July 19, 2021

The Flippening

So what is the best cryptocurrency trader to follow tweeting about lately?

Today Pentoshi commented he had sold $6.4 million worth of Ethereum at $2655, but is still holding some anticipating it will hit $2800 – $3200 in the next few weeks.

He tips ETH to flip BTC (overtake it in market cap) within the next 18 months, by the end of 2022, based on the current buzz around EIP-1599, staking, NFTs, DeFi, Goldman Sachs and part of Ethereum’s deflationary supply being burnt.

He compared the current ETH / BTC chart price action since breaking out of its three year accumulation base to position 5 on Livermore’s speculative chart, saying that should see a new ATH – although ‘it will take time‘.

I believe this to be true. I think $ETH will flip $BTC by marketcap by the end of 22′. Issuance going down by 90% (begins on Aug 4) Goldman looking into it’s staking yields, NFT’s DeFi, Revenue fees > BTC and largest supply shock ever happening. Uptrend since 2019 and looks ready https://t.co/e8hE68tOJF pic.twitter.com/uHE2LcdXo5

— Pentoshi Wont DM You (@Pentosh1) August 1, 2021

It remains to be seen if he’ll be right again but it’s hard to doubt Pentoshi’s technical analysis (TA) skills and knowledge of the fundamentals.

He’s our pick for the best cryptocurrency trader to follow on Twitter, being one of the few whales to make their trades and position sizes public and providing free value – or ‘alpha’ – to retail investors. Similar to Crypto Face on Youtube.

We’ll be reviewing other accounts that give out free tips and tricks here at InsideBitcoins, stay tuned to our cryptocurrency news feed for more good follows.

As for small cap altcoins, Pentoshi also tweeted July 31st that he’d bought $6 million worth of Chainlink (LINK), dollar cost averaging in under $20 ahead of their Smart contracts launch.

His current positions are in BTC, ETH and Link, after avoiding altcoins for the two months when Bitcoin was in a downtrend.

Pentoshi LLC capital acquired 273,228 $Link at an average price of 18.88 https://t.co/Nht6VwBMp5 pic.twitter.com/sjiZo1cu59

— Pentoshi Wont DM You (@Pentosh1) July 31, 2021

Follow Traders

In his pinned tweet Pentoshi reminds followers that he rarely uses leverage and you don’t need it to be profitable. In fact it only takes one mistake to get wiped out if you do use it.

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