Bitcoin's price has struggled to maintain its midweek momentum over the weekend, lingering around the $68,000 mark. Despite a quiet performance recently, the leading cryptocurrency has managed to stay above this level. However, a well-known crypto analyst on social media platform X has suggested that BTC might not hold this position for long. This has left many investors questioning whether this potential dip is just a minor setback or a significant shift in the ongoing bull run.
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Analyst Predicts Brief Bitcoin Correction — What's Next?
In a recent post on X, crypto analyst Ali Martinez offered an intriguing forecast for Bitcoin's price, suggesting a short-term correction might be imminent. According to Martinez, the "Tom Demark" (TD) Sequential indicator has issued a sell signal for BTC on the daily chart.
The TD Sequential is a technical analysis tool used to spot potential trend exhaustion and price reversals. It consists of two main phases: the TD Setup and the TD Countdown. The Setup phase includes nine candles of the same direction (bullish or bearish). In a bullish Setup, the initial "1" appears on a candle that closes higher than the candle four periods earlier. Conversely, a bearish Setup starts with a "1" on a candle that closes lower than the one four periods prior. A possible reversal point is indicated when the TD Sequential plots a number on the top or bottom of a candle during a trend.
As shown in the chart, the number "9" has appeared on a Bitcoin daily chart candlestick, marking the end of the Setup phase. Given that Bitcoin was in a bullish trend, it seems poised for a brief correction over the next few days.
Recently, there has been much discussion about BTC potentially revisiting and even surpassing its all-time high. Nonetheless, Martinez advises investors to expect a short pullback before reaching new highs.
Bitcoin Price Overview
Currently, Bitcoin is priced at approximately $68,272, showing a slight 0.5% decrease over the past day. According to CoinGecko, the leading cryptocurrency has risen nearly 9% in the last week.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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