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A widely followed analyst believes that Bitcoin (BTC) is setting the stage for a major move higher.
Pseudonymous crypto strategist Kaleo tells his 555,100 Twitter followers that Bitcoin is likely gearing up for a massive breakout that could send the crypto king to a level not seen since June 2022.
“When this finally breaks through, we will see a glorious divine candle at $30,000. Don’t think today is the day this is going to happen, be careful and don’t get too greedy yet my friends.
Source: Kaleo/Twitter
At the time of writing, Bitcoin is changing hands for $22,579, trading around the Kaleo diagonal resistance zone.
According to one of Kaleo’s charts, he thinks Bitcoin can hit $30,000 in February.
“$30,000 is a magnet.”
Source: Kaleo/Twitter
A rally towards its target suggests more than 32% upside potential for the king of crypto from current prices.
Kaleo also says he sees Bitcoin forming similar patterns to 2019 when it surged from $3,000 to around $14,000 in a matter of weeks. He adds that Bitcoin will likely gain dominance in crypto markets, drawing liquidity from altcoins. He also predicts that the Ethereum/Bitcoin (ETH/BTC) ratio will decline as the crypto king extends his rally.
“Not much change over the past few days for ETH/BTC. This level is still expected to decline over the next few weeks as BTC continues to strengthen, absorbing liquidity from alts like what has been passed during the bear market rally of 2019.”
Source: Kaleo/Twitter
Looking at its chart, Kaleo appears to be predicting that the ETH/BTC pair will fall below 0.065 BTC ($1,465) from 0.073 BTC ($1,645) at the time of writing.
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