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Analyst States Two Conditions That Could Send Bitcoin (BTC) To $30,000

Inmortal, a pseudonymous analyst and trader, has revealed two conditions that could aid the rise of Bitcoin (BTC), the largest crypto by market cap, to $30,000 price zone.

According to the analyst in a recent tweet, this week is important for Bitcoin because it will determine the strength of the notable breakout above $22,000.

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Inmortal pointed out that it’s important for the flagship digital currency to remain above $23,000 price level in order to give room for a fresh positive trend.

Inmortal tweeted, “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.”

Read Also: Analyst Explains Why Bitcoin (BTC) Could Still Nosedive Below $10,000

For the second condition, the analyst said Bitcoin (BTC) needs to overthrow Ethereum (ETH) in terms of market performance and record a more sustainable price uptrend.

Inmortal tweeted, “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 3. I take profits on BTC spots buys too.”

At the time of filing this report, Bitcoin (BTC) and Ethereum (ETH) are trading at $23,580 and $1,551, with 8% and 2% price upsurge, respectively, in the last 24 hours, according to CoinMarketCap.

Read Also: Richest Non-Exchange Bitcoin Address adds 1,480 BTC: Now Holding BTC Worth $2.7 Billion

However, the data shows that ETH is still outperforming BTC based on seven days price estimation. Bitcoin is up 19%, while Ethereum is up 45% in the last seven days.

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While the analyst is seeing the possibility of a surge to $30,000 price level, he warns the surge may 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.”


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Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.
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