Bitcoin price has had a good week already. The digital asset has already rallied to two-month highs above $23,000 and still maintains much of its bullish momentum. Despite this already impressive growth over the past few weeks, the crypto analyst known on Twitter as Kaleo isn’t convinced that the best of the mini-bull run is over.
Crypto analyst says another 30% rally is possible
Analyst @CryptoKaleo took to Twitter at share your views on the current bull rally. According to him, the bitcoin rally might not end despite the price drop that was recorded on Sunday. Although the digital asset has now lost about $1,000 from its local high, Kaleo revealed that there is still room for another 30% rally.
In the chart shared by the analyst, he shows a possible path that could lead Bitcoin back to the $30,000 level. Kaleo refers to the $30,000 price level as a “magnet” for digital assets. And if his analysis proves true, then BTC would be looking at a more than 30% rally from its current price.
BTC could rally to $30,000 | Source: Twitter
This bounce is expected to occur sometime between now and early February according to the timeline on this chart. However, there are possible drawdowns on the way to this analysis, but the endpoint remains just above $30,000 for the digital asset.
Can the price of bitcoin go that high?
The kind of momentum seen in Bitcoin’s price over the past two weeks can serve as a primer for what’s possible for the cryptocurrency. If this were to continue, then the possibility of BTC reaching $30,000 within 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
Since Monday, BTC price has been feeling the heat in the market with Sunday’s slowdown. Bitcoin trading volume has fallen by more than 10%, although there has been some recovery in this regard. Essentially, this trading volume would have to see an increase if BTC is to continue its bullish rally.
The good thing now is that Bitcoin has managed to clear its 200-day moving average, which is one of the last important indicators signaling an established bullish trend. However, it remains to be seen how this will play out for digital assets as markets begin another trading week.
BTC is trading at $22,900 at the time of writing. The cryptocurrency is seeing meager gains of 0.11% in recent days, but it is performing better with 9.91% gain in 7-day period.