Crypto Trader Says Bitcoin Potentially Forming a Bullish Setup, Updates Outlook on Solana and Polygon
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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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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