$30,000 Is a “Magnet” for Bitcoin, According to Analyst
Bitcoin (BTC) could outperform Ethereum (ETH), according to a pseudonymous analyst named Kaleo, who has 562,700 followers on Twitter.
The analyst also suggests that the ETH/BTC pair is now trading below a diagonal trendline, indicating that ETH is likely to trail BTC in terms of gains. A bearish ETH/BTC chart generally suggests that Bitcoin will increase in value faster than Ethereum and other altcoins.
In addition, Kaleo believes that Bitcoin will reach the $30,000 price level after it bounced from support at around $21,000, with high timeframe support holding strong.
Boring weekend so far for BTC, but still see this playing out. HTF support has held strong. SPX is currently at 4K support, which I still see rallying go 4.3K over the coming weeks.
$30K is a magnet. pic.twitter.com/8FybcMQkLT
— K A L E O (@CryptoKaleo) February 12, 2023
ETH/BTC trading below the diagonal trendline
According to Kaleo, the ETH/BTC chart shows relative strength to the flagship cryptocurrency. He suggests that when the ETH/BTC pair trades below a diagonal trendline, it implies that Ethereum is likely to underperform Bitcoin.
$ETH / $BTC finally broke beneath the HTF support line we've been watching.
Remember – this chart only shows relative strength to BTC, so expect to see BTC begin to outpace a bit more rapidly sometime over the next several weeks. pic.twitter.com/tky1q9DDIw
— K A L E O (@CryptoKaleo) February 13, 2023
This could indicate that investors may move away from Ethereum and other altcoins and focus on BTC, as they may view it as a safer asset.
Bitcoin above resistance at $22,400
Kaleo believes that Bitcoin will gain more momentum in the short term if it takes out the resistance at $22,400, which it has at the time of writing. CPI data came in slightly higher than expected, with the market remaining relatively flat. The S&P 500 index and Nasdaq-100 Index (NDX) show signs of volatility, with BTC demonstrating strength. Kaleo believes that $30,000 is still a magnet for Bitcoin.
CPI came in a bit higher than expected and the market is basically flat.
SPX / NDX look primed for a leg higher after a bit of initial volatility, and BTC is knocking on the door of reclaiming a major level it lost last Thursday.
$30K+ is still a magnet. pic.twitter.com/7eXUF6OiI4
— K A L E O (@CryptoKaleo) February 14, 2023
Conclusion
In summary, Kaleo suggests that the ETH/BTC pair is trading below a diagonal trendline, indicating that ETH is likely to trail BTC in terms of gains.
The analyst predicts that Bitcoin will reach $30,000 and gain more momentum now that it has overcome the resistance at $22,400. It will be interesting to see how Bitcoin and Ethereum perform in the coming weeks and whether or not Kaleo’s predictions are accurate.
Andrey Kunev
Reporter at CoinsPress
Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.
