Bitcoin price has already had a good week. The digital asset has already hit a two-month high above $23,000 and still retains a good portion of its bullish momentum. Despite this already impressive growth over the past few weeks, a crypto analyst known as Kaleo on Twitter isn’t convinced that Moneybull’s best run is over.
Another 30% rally is possible, says crypto analyst.
Analyst @CryptoKaleo took to Twitter. Share your thoughts on the current bull rally.. According to him, despite the price drop recorded on Sunday, Bitcoin’s rally may not be over. Although the digital asset has now lost nearly $1,000 from its local peak, Kallio revealed that there is room for another 30% rally.
In the chart shared by the analyst, he shows a possible path that could take Bitcoin back to the $30,000 level. Kallio refers to the $30,000 price level as a “magnet” for the digital asset. And if his analysis were to prove true, BTC would be looking at a more than 30% rally from its current price point.
BTC could rally to $30,000 | Source: Twitter
This bounce is expected to happen sometime between now and early February, according to this chart’s timeline. However, there are potential downsides along the way to this analysis but the endpoint remains above $30,000 for the digital asset.
Can the price of Bitcoin go that high?
The kind of momentum that Bitcoin’s price has recorded over the past two weeks could be the foundation of what’s possible for the cryptocurrency. If this were to continue, the likelihood of BTC reaching $30,000 in the next two weeks increases exponentially. However, this may not be the case.
BTC price holding steady above $22,800 | Source: BTCUSD on TradingView.com
As of Monday, the BTC price is already feeling the market heat with Sunday’s slowdown. Bitcoin’s trading volume is less than 10%, although there has been some recovery in this regard. Basically, BTC will need to see an increase in this trading volume if it is to continue its bull rally.
One good thing now is that Bitcoin has managed to clear its 200-day moving average, which is one of the last important indicators to indicate an established bull trend. But it remains to be seen how this will pan out for the digital asset as the markets begin another trading week.
BTC is trending at $22,900 at the time of this writing. The cryptocurrency is seeing a slight rise of 0.11% in recent days but is performing better with gains of 9.91% in 7-day period.
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