A closely watched crypto analyst says Bitcoin (BTC) may form a bullish pattern, causing a massive breakout.
In a new strategy session, crypto trader Ali Martinez tells his 69,300 followers on the social media platform
“In shorter time frames, Bitcoin could form a bull pennant, indicating a potential rise to $64,000!”
Bitcoin is trading at $59,655 at the time of writing, up slightly in the past 24 hours.
Then the trader warns that Ethereum (ETH) rival Solana (SOL) may show a bearish pattern and fall more than 16% if it fails to hold $141 as support.
“Solana could form a head-and-shoulders pattern on the hourly chart, suggesting that a drop below $141 could trigger a correction that sends SOL to $122!”
Solana is trading at $146 at the time of writing, up slightly in the past 24 hours.
Finally, the analyst say he is optimistic about the layer-2 scale solution Polygon (MATIC), but warns of a possible short-term correction.
“When the altcoin season starts, MATIC will melt faces! But don’t rush just yet, as a weekly close below $0.30 would negate the bullish thesis.”
MATIC is trading at $0.41 at the time of writing, down slightly in the last 24 hours.
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Generated image: Midjourney