A popular crypto analyst on the X platform has sounded the buy alarm for Bitcoin after the premier cryptocurrency fell to the $60,000 level this weekend.
Can Bitcoin Price Make A Return To $67,000?
In a recent post on X, popular crypto pundit Ali Martinez shared an exciting analysis of the price of BTC over the coming days. According to the crypto analyst, the latest price action shows that the flagship cryptocurrency could be gearing for a rebound to its former highs.
The reasoning behind this bullish projection is the formation of multiple buy signals by the TD (Tom Demark) Sequential on the Bitcoin four-hour chart. The TD Sequential is a technical analysis indicator used to identify possible points of trend exhaustion and price reversal.
The TD Sequential consists of two phases; namely setup and countdown. For the setup, nine candlesticks of the same polarity (bullish or bearish) are counted, upon which a reversal is expected to occur. Typically, the direction of the reversal will depend on the candles involved in the setup I.e., nine bearish candles would represent a buy signal and vice versa.
Upon the completion of the setup, the countdown phase commences, which involves 13 candles — rather than nine — of the same polarity. A completion of the second phase implies that there is likely another reversal point.
According to Martinez, the TD Sequential has pinpointed a potential reversal for the Bitcoin price. On the four-hour chart, the indicator presents an aggressive 13, a sequential 13, and a red 9 candlestick.
The aggressive 13, sequential 13, and red 9 all suggest that the current downward trend might be losing momentum, thereby hinting at a possible trend reversal in the short term. Ultimately, these signals are indicating a strong buy opportunity for premier cryptocurrency, having shed some of its value in recent days.
However, if the prediction of a price rebound fails to hold and the $60,000 support crumbles, investors could see the price of Bitcoin fall as low as $57,000.
BTC Price At A Glance
As of this writing, the price of Bitcoin continues to hover around $61,000, recording barely any movement in the last 24 hours. According to data from CoinGecko, the premier cryptocurrency has declined in value by more than 10% in the past week.
Featured image from iStock, chart from TradingView Source: NewsBTC