Two conditions are being revealed by a crypto strategist that is widely followed. If they are met, they could ignite 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.
BTC bulls should keep Bitcoin above $23,000 in order to allow for significant upside movement, according to the analyst.
“A rally to $30,000 zone is possible, but we need to see acceptance above $23,000. This could lead to a nasty deviation/swing failure pattern. We are resisting. Stay safe.”
Bitcoin trades at $23,069 as of the time this article was written, an increase of nearly 3% over the previous day.
Inmortal says that the second condition is that bitcoin should be accepted. take The crypto markets will see a stronger and more sustainable rise if Ethereum (ETH) takes the reins.
“Thinking about taking profits on ETH spot buys and hold all the BTC.
If this is a true rally
1. ETH is a bit too extended so it could retrace to stop leading
2. BTC lead the market and copy the ETH move.”
Ethereum’s current price is $1,523, an increase of nearly 30% over the past seven days. Bitcoin is, however, in the green for approximately 12% during the same period.
Inmortal may be open to Bitcoin’s rally to $30,000 but he warns that this surge won’t lead to a new bullish 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.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check out the Price Action
Follow us on Twitter, Facebook Telegram
Surf the Daily Hodl Mix
Disclaimer: The Daily Hodl opinions are not intended to be used as investment advice. Before making high-risk investments, such as in Bitcoin, cryptocurrency, or other digital assets that could be potentially dangerous, investors should do their research. You are responsible for any losses you might incur and all transfers and trades that you make. The Daily Hodl is not an investment advisor and does not recommend buying or selling any digital assets or cryptocurrencies. The Daily Hodl does not participate in affiliate marketing.
Featured Image: Shutterstock/SergZSV.ZP/Shaiith