Analyst Says Bitcoin Surge Has Just Begun, Anticipates This Price Target By February

Bitcoin BTC/USD is soaring on Saturday, surpassing $23,000 for the first time since mid-August 2022. In November 2021, the cryptocurrency reached an all-time high of $68,789.63.

One crypto analyst is upbeat about the movement. Pseudonymous crypto strategist Kaleo explained that Bitcoin is setting the stage for a significant move to the upside, and the apex crypto could reach a level not seen since June 2022.

#Bitcoin / $BTC

When this finally breaks through, we'll see a glorious god candle to $30K

Just don't think today is the day that's going to happen

be careful and don't get too greedy yet friends pic.twitter.com/22UMHUNBCv

— K A L E O (@CryptoKaleo) January 20, 2023

Kaleo said Bitcoin could move to the $30,000 level sometime in February.

#Bitcoin / $BTC

$30K is a magnet. pic.twitter.com/yhpJh0zwqt

— K A L E O (@CryptoKaleo) January 16, 2023

The analyst said he sees Bitcoin forming similar patterns as it had in 2019 when it surged from $3,000 to around $14,000 in weeks. Additionally, he said that BTC will likely gain dominance in the crypto markets, drawing liquidity from altcoins. 

Not much change over the past several days for $ETH / $BTC

Still expecting this level to break lower over the next several weeks as BTC continues to strengthen, absorbing liquidity from alts similar to what happened in the 2019 bear market rally pic.twitter.com/yPRpmNNqkQ

— K A L E O (@CryptoKaleo) January 19, 2023

Morgan Stanley has attributed the recent rally to the liquidation of short Bitcoin futures.

"BTC's rally has been rapid and driven more by technicals than a fundamental shift in market participant view. As a result, trading volumes are low, and institutional activity is likely to pick up if BTC trades materially higher," the firm reportedly said.

At the time of writing, Bitcoin was trading at $23,149, up by 8.46% in the past 24 hours. 

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Photo: courtesy of Shutterstock.