Cryptocurrency trader Ali Martinez is highlighting a key resistance level which, if broken, could see Bitcoin (BTC) hitting a new all-time high.
Martinez tells his 58,900 followers on the social media platform X that Bitcoin could soar by up to 36% from the current level if BTC manages to climb above a key resistance level.
However, the trader says that Bitcoin could also fall by up to 18% if a key support level crumbles.
“By the looks of it, Bitcoin has been consolidating in a parallel channel, which makes $61,000 the most important support level and $72,400 the most important resistance level.
If BTC breaks below support, it could drop to $56,200 or $51,600. But if BTC can break past resistance, the next price targets are $79,000 and $86,000!”
Source: ali_charts/X
Bitcoin is trading at $63,050 at time of writing.
Turning to Ethereum (ETH), Martinez says that a major support level for the second-largest crypto asset by market cap lies between $2,000 and $2,430 where a
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