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.
Kaleo said Bitcoin could move to the $30,000 level sometime in February.
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.
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.
Read Next: For Michael Saylor, Bitcoin Is A Fight For 'Personal Sovereignty, Long-Term Value'
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