Bitcoin (BTC) May Be Gearing Up for a 3X Surge, Crypto Analyst Ali Martinez Says

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

A popular crypto analyst is warning that Bitcoin (BTC) could be setting up for a brief pullback before continuing its ascent.

The pseudonymous analyst, known as Credible Crypto, tells his 346,000 followers on Twitter that while BTC appears poised for another leg up, the apex coin could be due for a brief downturn to flip the resistance of an ascending triangle into support.

“Looks like we’re setting up for another leg, but I’m still watching for a potential wick into the 59ks to turn that resistance into support before heading to the 63k target.”

Credible Crypto’s chart shows Bitcoin’s breakout from the ascending triangle, which could lead to a rally towards $63,800.

However, the analyst’s Fib levels also show that a wick down to the 0.236 Fib level at $59,200 could be on the cards before BTC resumes its ascent.

Credible Crypto also highlights the massive amount of short positions that will be liquidated if Bitcoin rallies. According to data from Coinglass, over $5.60 billion in shorts will be liquidated if BTC price pivots to $72,300.

Bitcoin is changing hands for $62,982 at time of writing, up 4.04% in the past 24 hours.

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