A closely watched crypto analyst says Bitcoin (BTC) is releasing a value that previously marked the start of a nearly threefold increase.
Crypto strategist Ali Martinez tells his 67,100 followers on social media platform
Martinez notes that the last time Bitcoin traders saw similar losses was in September 2023, just before BTC sparked a parabolic rally.
“The last two times Bitcoin traders’ realized losses fell below -12%, BTC rose 104% and 193% respectively.
Now the realized losses are again below -12%!”
A realized loss occurs when a trader sells an asset at a value less than the purchase price.
With Bitcoin now trading above $60,000, Ali Martinez says BTC has successfully broken out of an ascending triangle formation, but a short pullback may occur to turn the pattern’s resistance into support before heading higher.
“If you’re going to be late, be careful! Bitcoin could retest the breakout zone at $59,200 before reaching the $63,800 target.”
The analyst also notes that there is fuel for Bitcoin to move higher as billions of dollars in short positions wait to be liquidated if BTC rises above $72,000.
“$5.60 billion in short positions will be liquidated as Bitcoin makes a U-turn to $72,300!”
At the time of writing, Bitcoin is trading at $62,982, up more than 4% on the day.
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