A widely followed crypto strategist explained two conditions that, if realized, could push the Bitcoin (BTC) rally to $30,000.
The analyst, nicknamed Inmortal, thinks we are entering a big week for Bitcoin. This week could determine whether BTC’s recent move above $22,000 is a true breakout or just another bull trap.
The analyst also states that BTC bulls need to keep Bitcoin above $23,000 for a significant upside rally. thinks.
“A rally to the $30,000 zone is possible, but we need to see acceptance above $23,000. Otherwise, this move could result in a bad swing failure pattern. We are at the resistance level.”
At the time of writing, Bitcoin is trading at $23,694, an increase of about 8% compared to the previous day.
The second condition, according to Inmortal, is that Bitcoin takes the dominance from Ethereum (ETH) and drives the crypto markets into a more sustainable move.
“If this is a real rally:
- ETH has been pushed a little too hard, so it could pull back and stop the lead
- BTC leads the market and copies the ETH movement.”
Ethereum is currently at $1,562, up about 47% over the past seven days. In contrast, Bitcoin has surged by about 21% over the same time frame.
While Inmortal is considering the possibility of a Bitcoin rally to $30,000, it is also concerned that the move will likely not lead to a new bull cycle. warns.
“So far there has been a good response in weekly demand. Still, I think we’ll see a bear market rally at some point this summer, followed by months of tedious consolidation. Bitcoin.”
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.