Bitcoin BTC/USD is rose to over $23,000 on Saturday for the first time since mid-August 2022. In November 2021, the cryptocurrency hit an all-time high of $68,789.63.

A crypto analyst is bullish on the move. Pseudonymous crypto strategist Caleo explained that Bitcoin sets the stage for a significant move higher, and the Apex crypto could reach levels not seen since June 2022.

Kaleo said Bitcoin could surge to $30,000 sometime in February.

The analyst said he sees Bitcoin forming similar patterns to 2019, when it surged from $3,000 to around $14,000 in a matter of weeks. Additionally, he said that BTC is likely to gain dominance in crypto markets and draw 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 participants’ perspective. As a result, trading volumes are low and institutional activity is likely to pick up as BTC trades significantly higher,” the company reportedly said.

At the time of writing, Bitcoin was trading at $23,149, up 8.46% over the past 24 hours.

Continue reading: For Michael Saylor, Bitcoin is a struggle for “personal sovereignty, long-term value”

Photo: courtesy of Shutterstock.