Analyst Hints Bitcoin Price Recovery Might Be Underway — Here’s Why
2024年7月7日 - 7:00PM
NEWSBTC
Crypto analyst Ali Martinez has offered an exciting bullish
projection for the Bitcoin price. This analysis is even more
interesting for the premier cryptocurrency after it fell to a
multi-month low over the past week. Is A Return To $60,000 On The
Cards For BTC Price? In a new post on the X platform, Martinez
shared an interesting analysis of the Bitcoin price, explaining
that the coin might be primed for a run to the upside. This is
based on two bullish candlestick formations on the three-day chart.
Firstly, the pundit noted that the price of BTC is forming a doji
candle pattern on the three-day timeframe. As shown below, the
specific candlestick pattern developing on the Bitcoin chart is the
Dragonfly doji, which looks like a cross or plus sign but with its
horizontal line close to the top. Related Reading: Finance CEO
Raoul Pal Says Crypto Will Reach $100 Trillion Market Cap – Here’s
When Typically, the dragonfly doji candlestick pattern is an
indicator of a potential reversal depending on the price action.
Considering that the market has been in a correction in recent
days, a reversal would mean a movement of the Bitcoin price to the
upside. It is worth noting that the dragonfly doji is not the most
reliable signal of an imminent price reversal, as the indicator can
be a sign of indecision amongst investors. However, Martinez
pointed to another bullish formation that might also be indicating
a potential trend reversal. The second bullish formation is based
on the “Tom Demark” (TD) Sequential, which is used in technical
analysis to spot potential points of trend exhaustion and price
reversal. Martinez said that the indicator has flashed a buy signal
on the three-day Bitcoin price chart. Typically, the TD Sequential
is made up of two major phases, namely the “setup” and the
“countdown.” The price of Bitcoin just completed the setup phase,
which is made up of nine consecutive candles that closed lower than
the candle four periods ago. The potential reversal point appears
when the TD Sequential forms the number “9” on top of a candle in a
bullish or bearish trend. As shown in the image highlighted by
Martinez, the number “9” is on the doji candle suggesting a
possible reversal. The question that will be on the minds of most
investors is whether the premier cryptocurrency will return to
$60,000. While the recent chart formations are suggesting an upward
rally, it is difficult to pinpoint the magnitude of the potential
bullish run. Bitcoin Price At A Glance As of this writing, the
price of Bitcoin is on the verge of $58,000, reflecting a 2.7% gain
in the last 24 hours. However, the market leader is still down by
more than 5% in the past week. Featured image from iStock, chart
from TradingView
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