The asset should gain a foothold above $23 000 and seize the initiative from Ethereum

Anonymous analyst calls two conditions for bitcoin to rise in price to $30 000

20.07.2022 - 09:25

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2 min

What’s new? An anonymous crypto analyst under the pseudonym Inmortal said that this week is important for bitcoin, as it could determine whether the asset’s recent rise above the $22 000 mark will be a real breakthrough. On his Twitter account, he also called two conditions that could lead to the first cryptocurrency’s price rise to $30 000. Thus, BTC needs to hold above $23 000 and seize the initiative from Ethereum to lead the cryptocurrency markets to more sustainable growth.

What else did Inmortal say? Despite the possibility of reaching $30 000, the analyst warned that this rally is unlikely to be a trigger for a new bullish cycle. Inmortal assumed that it would last for some time over the summer, followed by a consolidation in a narrow price range.

As of July 20, 09:20 UTC, BTC is trading at $23 526, having gained 7,84% per day and 18,21% in a week, according to Binance. Ethereum, on the other hand, has changed little overnight, gaining 1,32%, but the asset added 43,04% over the week. ETH is trading at $1545. On July 18, the cryptocurrency market capitalization once again surpassed $1 trillion.

Earlier, crypto analyst Benjamin Cowen abandoned his suggestion that the price of bitcoin could reach $100 000 by the end of 2023. According to him, as long as the Fed continues to pursue its tight monetary policy to fight inflation, the first cryptocurrency’s rate will decline.

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