A widely followed crypto strategist is unveiling two conditions that, if met, could energize a Bitcoin (BTC) bull rally to $30,000.
Pseudonymous analyst Inmortal tells his 173,800 Twitter followers that this is a big week for Bitcoin as it could determine whether BTC’s recent move above $22,000 is a true breakout or just another bull trap.
[adinserter block="1"]The analyst also says BTC bulls must keep Bitcoin above $23,000 to open the doors for a significant rally to the upside.
“A rally to $30,000 zone is possible, but we need to see acceptance above $23,000. Otherwise, this could end in an ugly deviation/swing failure pattern. We are at resistance. Stay safe.”
At time of writing, Bitcoin is trading for $23,069, up nearly 3% in the past day.
The second condition, according to Inmortal, is that Bitcoin should take the reigns from Ethereum (ETH) and lead the crypto markets to a more sustainable surge.
“Thinking about taking profits on ETH spot buys and hold all the BTC.
If this is a true rally:
1. ETH is a bit overextended so it could retrace and stop leading
2. BTC lead the market and copy the ETH move.”
Ethereum is currently priced at $1,523, up nearly 30% in the last seven days. In comparison, Bitcoin is in the green for about 12% over the same time period.
Although Inmortal is considering the possibility of a Bitcoin rally to $30,000, he warns the surge will likely not lead to a new bull cycle.
“Nice reaction at weekly demand so far.
Still think we’ll see a bear market rally at some point this summer, then boring consolidation for months.
Bitcoin.”
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/SergZSV.ZP/Shaiith
