Crypto Analyst Predicts Bitcoin Rebound Based on Key Indicator – Read His Outlook
A prominent analyst in the crypto space suggests that Bitcoin (BTC) is poised for a comeback, citing a crucial indicator. In a recent analysis, crypto trader Ali Martinez shared with his 66,600 followers on the social media platform X that the Tom DeMark (TD) Sequential indicator is signaling a buy opportunity on Bitcoin’s one-hour chart.
According to Martinez, the TD Sequential indicator is commonly used by traders to identify potential reversal points for an asset. Historically, Bitcoin, the leading cryptocurrency by market capitalization, has seen recovery trends in July following a challenging June period.
Martinez highlighted, “When Bitcoin experiences a negative June, it historically demonstrates a strong rebound in July. In fact, during this month, BTC has shown an average return of 7.98% and a median return of 9.60%.” However, despite these positive indicators, the analyst cautioned that ongoing futures positions suggest that Bitcoin’s decline may not have concluded.
Martinez pointed out, “Bitcoin’s recent price movements have been severe, with only $280.9 million in long positions liquidated compared to $25.4 million in short positions. In previous instances, we have witnessed mass liquidation events exceeding $1 billion. This situation indicates that the Bitcoin downturn may not be over, or shorts could face significant losses.”
As of the time of reporting, Bitcoin is trading at $57,534, reflecting a 4.8% decline over the past 24 hours. On July 1st, the cryptocurrency was valued at $63,322.
It is essential to note that opinions expressed in this analysis are not intended as investment advice. Investors are advised to conduct thorough research before engaging in high-risk investments involving Bitcoin, cryptocurrencies, or digital assets. All trading activities are undertaken at the investor’s own risk, and any resulting losses are the investor’s responsibility. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets and is not a registered investment advisor.
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