A widely followed analyst believes that Bitcoin (BTC) is setting the stage for a major move to the upside.
Pseudonymous crypto strategist Kaleo tells his 555,100 Twitter followers is likely gearing up for a massive breakout that could send the king crypto to a level not seen since June 2022.
“When this finally breaks through, we’ll see a glorious god candle to $30,000. Just don’t think today is the day that’s going to happen be careful and don’t get too greedy yet friends.”
At time of writing, Bitcoin is switching hands for $22,579, trading around Kaleo’s diagonal resistance area.
According to one of Kaleo’s charts, he believes Bitcoin can rally to $30,000 sometime in February.
“$30,000 is a magnet.”
A rally toward his target suggests an upside potential of over 32% for the king crypto from current prices.
Kaleo also says he sees Bitcoin forming similar patterns as it had in 2019 when it surged from $3,000 to around $14,000 in a matter of weeks. He adds Bitcoin will likely gain in dominance in the crypto markets, drawing liquidity from altcoins. He also forecasts Ethereum’s ratio to Bitcoin (ETH/BTC) to dip as the king crypto extends its rally.
“Not much change over the past several days for ETH/BTC. Still expecting this level to break lower over the next several weeks as BTC continues to strengthen, absorbing liquidity from alts similar to what happened in the 2019 bear market rally.”
Looking at his chart, Kaleo appears to forecast the ETH/BTC pair to drop below 0.065 BTC ($1,465) from 0.073 BTC ($1,645) at time of writing.
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