Here is another example:
find `dirname \`dirname \\\`readlink -f \\\\\\\`which hg\\\\\\\`\\\`\`` -name mercurial
So the pattern is that to escape you use 1, 3, 7, 15, 31, etc. where the next number of backticks required is the previous number doubled, plus 1. This can get out-of-hand quickly, so try not to escape backticks within backticks too much if you don't have to. In addition, the level of backticks affects the number of backslashes required for escaping backslashes (example: Using sed to Escape Quotes).
dirname `dirname \`dirname \\\`dirname \\\\\\\`readlink -f \\\\\\\\\\\\\\\`which hg\\\\\\\\\\\\\\\`\\\\\\\`\\\`\``