A closely followed crypto analyst says that Bitcoin (BTC) may be forming a bullish pattern, setting up a massive breakout.
In a new strategy session, crypto trader Ali Martinez tells his 69,300 followers on the social media platform X that Bitcoin could soon soar more than 7% from its current value in the short term.
“In shorter time frames, Bitcoin might form a bull pennant, hinting at a potential surge toward $64,000!”
Bitcoin is trading for $59,655 at time of writing, up slightly in the last 24 hours.
Next up, the trader warns that Ethereum (ETH) competitor Solana (SOL) may be printing a bearish pattern and could plummet more than 16% if it fails to hold $141 as support.
“Solana could be forming a head and shoulders pattern in the hourly chart, which suggests that a drop below $141 might trigger a correction that sends SOL to $122!”
Solana is trading for $146 at time of writing, up slightly in the last 24 hours.
Lastly, the analyst says he is bullish on layer-2 scaling solution Polygon (MATIC), but warns of a possible near-term correction.
“If altcoin season kicks off, MATIC will melt faces! But don’t go ape yet, as a weekly close below $0.30 would invalidate the bullish thesis.”
MATIC is trading for $0.41 at time of writing, down slightly in the last 24 hours.
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Generated Image: Midjourney