Following the unexpected bullish momentum of the cryptocurrency market, a popular Twitter analyst answered with technical evidence why he chose Bitcoin over Ethereum. The analyst says he is hesitant about the altcoin market and will prefer BTC in March. As Kriptokoin.com, we are giving the details…
Why is Ethereum looking pessimistic?
A well-known crypto expert is changing his investment technique as macro issues affect traditional market forecasts. The crypto analyst nicknamed Pentoshi tells his 522,200 Twitter followers that he currently buys Bitcoin (BTC) but is wary of Ethereum (ETH) and altcoins in general:
What makes me skeptical about ETH (Russia-Ukraine war) this and that’s why I’ve been focusing on BTC for months now. There has been a 300-day consolidation within this triangle. For what it’s worth, I’ve been using this chart for the past two years. Where altcoins lag badly, BTC alone can rally. A traumatic memory of 2017-2018 continues.
Analyst’s March Bitcoin price expectations
Pentoshi adds that he will wait for Bitcoin to recover its January 1 price of $47,292 before re-evaluating his position:
I would like to point out that March is a month with plenty of moving parts. In conclusion, I believe the daily approach is best. A lot is happening in the world right now. It’s impossible to say. I’m still leaning towards an annual opening, but I’ll have to wait and see.
Subsequently, the expert discusses the new “fog of war” situation investors are currently facing as macroeconomic and geopolitical developments complicate the investment picture:
Now that we have entered March, we look ahead to the following: we have: FOMC (Federal Open Market Committee) (rate increases). The potential to escalate in a war El Salvador’s Volcano Bonds.
Is it okay to focus on Bitcoin instead of ETH?
Pentoshi continues his tweet, stating that while he currently prefers Bitcoin over Ethereum, he will explore the possibility of buying an ETH in the near future:
I finally decided to buy BTC instead of ETH. I think it was the right move to focus on Bitcoin rather than altcoins. But I believe it’s time to think about ETH in the future.
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