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.
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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