Bitcoin price had one of the best January days in history. The digital asset has already rallied to two-month highs above $23,000 and is still holding on to much of its bullish momentum.
Despite this already impressive growth in recent weeks, a cryptocurrency analyst known on Twitter as Kaleo isn’t convinced that the best of mini-Bull is over.
Analyst @CryptoKaleo took to Twitter to share his thoughts on the current bullish rally. According to him, Bitcoin’s rally may not be over, despite the price drop recorded on Sunday.
Despite the digital asset losing nearly $1,000 from its local peak, Kaleo revealed that there is still room for another 30% upside.
In the chart shared by the analyst, it shows a possible path that could take bitcoin back to the $30,000 level. Kaleo refers to the $30,000 price level as a “magnet” for bitcoin. And if his analysis proves correct, BTC will be looking to rally above 30% from its current price point.
“This jump should happen between now and the beginning of February. However, there are potential drops along the way, but the end point is still above $30,000.
According to him, this kind of momentum that has been recorded in the bitcoin price over the past two weeks could serve as the basis for a rally up to $30,000. So, according to him, if the bulls maintain their strong buying interest, the probability of BTC reaching $30,000 in the next two weeks grows exponentially. However, this may not be the problem.
On Monday, Bitcoin price is already feeling the pressure on the market from Sunday’s decline. Bitcoin trading volume is down more than 10%, although there has been some recovery in this regard.
“This volume basically needs to increase if BTC is to continue its bullish run,” he noted.