Analyst and trader Ali Martinez is leaning bullish on a large-cap crypto project focusing on payments and cross-border transactions.
Martinez tells his 129,700 followers on the social media platform X that Stellar (XLM) is forming a bullish pattern on the three-day chart.
According to Martinez, the XRP (XRP) rival could go up by nearly 4x from a major resistance level.
“Since November 2024, Stellar appears to be forming a bullish flag. The 600% rally seen in November created the pattern’s flagpole and the consolidation phase we have seen since then is forming the pattern’s flag. Now, a sustained break above the $0.42 resistance could trigger a bull run to $1.60 – representing a 300% price increase.”
Stellar is trading at $0.304 at time of writing.
Turning to Bitcoin (BTC), the crypto analyst and trader says the largest crypto asset by market cap is flashing a bullish reversal signal.
“Bitcoin has historically rebounded when the trader loss margin reaches -12%. Right now, it’s sitting at -15.4%, signaling a potential reversal!”
The loss margin is the percentage of loss relative to the initial capital, investment or trade size.
Martinez further says that about $2.29 billion worth of BTC has been withdrawn from crypto exchanges in just 14 days.
“Over the past two weeks, more than 25,000 Bitcoin have been withdrawn from exchanges!”
The crypto analyst also says that whales have recently signaled bullish sentiment on Bitcoin.
“Whales have bought over 20,000 Bitcoin since it dipped below $88,000 on February 24th, signaling strong buy-side interest at these levels!”
Bitcoin is trading at $91,737 at time of writing.
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Generated Image: Midjourney
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