Crypto analyst Ali Martinez predicts a Bitcoin (BTC) resurgence based on a crucial indicator, highlighting potential recovery signs for the digital asset.
In a recent analysis session with his 66,600 followers on X, Martinez points out that the Tom DeMark (TD) Sequential indicator on Bitcoin’s hourly chart has issued a buy signal. According to him, this signal suggests an expected rebound spanning one to four hourly candlesticks for BTC.
The TD Sequential indicator is widely utilized among traders to identify potential reversal points for assets, indicating a shift in market sentiment.
Martinez goes on to note that historically, Bitcoin tends to bounce back in July following a challenging June period. He cites data showing that during such times, Bitcoin has exhibited average returns of 7.98% and median returns of 9.60% over the month.
Despite these optimistic indicators, Martinez cautions about ongoing futures positions which could influence Bitcoin’s short-term trajectory. He highlights that although Bitcoin has experienced significant price volatility, recent liquidations of only $280.9 million in long positions and $25.4 million in shorts suggest the possibility of further market turbulence. Martinez suggests this uncertainty could mean that the current Bitcoin dip may not have concluded yet, or conversely, that short positions might face considerable losses.
As of the latest update, Bitcoin is trading at $57,534, reflecting a 4.8% decline over the past 24 hours from its July 1st value of $63,322.
Readers interested in staying informed about Bitcoin’s price movements are encouraged to subscribe for direct email alerts and follow updates on X, Facebook, and Telegram.
Please note that opinions expressed in The Daily Hodl do not constitute investment advice. Potential investors are advised to conduct thorough research before engaging in high-risk investments in Bitcoin, cryptocurrencies, or digital assets. All trading activities carry inherent risks, and any losses incurred are the responsibility of the individual investor. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor does it act as an investment advisor. Additionally, The Daily Hodl participates in affiliate marketing.
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