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July 15, 2024

Bitcoin Flashing Bullish Signal That Previously Led to 193% Rally, Says Crypto Analyst

By Henry Kanapi

A closely followed crypto analyst says Bitcoin (BTC) is giving off a reading that previously signaled the start of a nearly 3X surge.

Crypto strategist Ali Martinez tells his 67,100 followers on the social media platform X that Bitcoin owners who bought their coins within the last one to three months witnessed significant losses after the top digital asset slumped below $55,000 earlier this month.

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Martinez notes that the last time Bitcoin traders saw similar losses was in September of 2023, just before BTC ignited a parabolic rally.

“The last two times Bitcoin traders’ realized losses dropped below -12%, BTC soared 104% and 193%, respectively.

Now, realized losses are below -12% again!” 

Source: Ali Martinez/X

A realized loss is when a trader sells an asset at a value lower than the purchase price.

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With Bitcoin now trading above $60,000, Ali Martinez says BTC has successfully broken out of an ascending triangle formation but may a see brief pullback to flip the pattern’s resistance into support before heading higher.

“If you’re getting in late, watch out! Bitcoin could retest the breakout zone at $59,200 before reaching the $63,800 target.” 

Source: Ali Martinez/X

The analyst also notes that there’s fuel for Bitcoin to go higher as billions of dollars worth of short positions are waiting to be liquidated if BTC soars above $72,000.

“$5.60 billion in short positions will be liquidated if Bitcoin makes a U-turn to $72,300!” 

Source: Ali Martinez/X

At time of writing, Bitcoin is trading for $62,982, up over 4% on the day.

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