Bitcoin Spike Just Getting Started, Major Surge Could Happen Next Month: Analyst

The spike in the price of the world's largest crypto asset in terms of market capitalization is just starting, according to a widely followed analyst who predicted a massive surge could happen next month if Bitcoin overcomes a major obstacle.

Crypto strategist Kaleo shared with his over 555,000 Twitter followers that Bitcoin is currently preparing for a massive surge that could put its price to a level not seen since June 2022.

"When this finally breaks through, we'll see a glorious god candle to $30,000. Just don't think today is the day that's going to happen, be careful and don't get too greedy yet friends," the analyst said.

The crypto strategist forecasted Bitcoin could soar to $30,000 sometime in February and pointed out that the maiden crypto is currently forming patterns similar to 2019 when its price surged from $3,000 to $14,000 in just a matter of weeks, predicting BTC will draw liquidity from altcoin and gain market dominance.

"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," Kaleo said, explaining the chart he shared on Twitter.

The strategist's prediction seemingly aligns with that of another crypto analyst. Dave The Wave told his followers last week that BTC's target for 2023 is above $40,000.

"A technical target of $42,000 this year to take BTC out of the buy zone," he said in a tweet.

"A lot of talk about whether this coming cycle will be similar to previous ones. The question to my mind is whether cycles [or booms and busts] will be increasingly 'irregular' as the market becomes more mature," he noted, pointing to one of his previous analyses.

In that analysis, he explained that "the 'cycle' seems to be breaking up just as giant ice sheets would in warmer waters. Nor should this surprise us in the face of a general principle, where a maturing market and increasing liquidity is understood to lead to reducing volatility," adding that "the single major volatile spike [and correction] may be broken up into a series of more minor volatile spikes [and corrections]."

Bitcoin started this year trading in the green zone. It saw a 0.26% gain over the past 24 hours and was trading up at $22,879.33 with a 24-hour volume of $30,676,667,977 as of 5.50 a.m. ET on Sunday, according to the latest data from CoinMarketCap.