Can bitcoin reach $30,000? Here’s what this analyst had to say
Ki Young Joo, CEO of South Korean On-Chain Analytics Resources crypto quanthas predicted that $30,000 will be the starting point of another bull run.
Xu pointed to the fact that most people are still underwater at current prices in response to a tweet about the microstrategy’s actual price being $30,664. The business intelligence firm recently announced that it has purchased another 480 coins.
As reported by U.Today, Xu predicted a “big little squeeze” last week ahead of Bitcoin’s recent rally.
Earlier today, the largest cryptocurrency surged to $23,855, the highest level since June 13. On Tuesday, Mark Newton, Global Head of Technical Strategy at Fundstrat Global Advisors, predicted that Bitcoin could potentially retest the $28,000 level.
The cryptocurrency is now up almost 37% since hitting a local low of $17,592 during a massive sell-off on June 18.
As noted by noted crypto trader Scott Melker, bitcoin has managed to close above the 50-day EMA for the first time since April and is a big win for the bulls.Bitcoin has been significantly outperformed by Ethereum, with the ETH/BTC pair up 30% over the past week. The upcoming merge event is widely seen as a major bullish catalyst for the industry.
Still, the recent rally could falter due to macro headwinds, with the US Federal Reserve widely expected to announce an increase of 100 basis points. This could be an ominous sign for crypto bulls excited by the recent recovery.