2024-10-20 13:00 |
The Bitcoin price has not quite been able to replicate its midweek form over the weekend, hovering around the $68,000 level. Despite the quiet performance in the past day, the premier cryptocurrency has managed to hold its own above $68,000.
However, a prominent crypto pundit on social media platform X has said that the price of BTC might not be able to hang on to this level for too long. This has left several investors wondering if this potential correction is only a hiccup or a complete turnaround in the latest bull run resurgence.
Analyst Says Bitcoin Price To Face Brief Correction — What Next?In a recent post on the X platform, crypto analyst Ali Martinez put forward an interesting prognosis for the price of Bitcoin, saying that the premier cryptocurrency might be set for a brief correction in the short term. According to the pundit, the “Tom Demark” (TD) Sequential has flashed a sell signal for the BTC price on the daily chart.
The TD Sequential is an indicator in technical analysis used to identify potential points of trend exhaustion and price reversal. This technical analysis tool comprises two major phases; namely the TD Setup phase and the TD Countdown phase.
Specifically, the Setup phase is made up of nine candles of the same polarity (bearish and bullish). In a bullish Setup phase, the starting number “1” is plotted on a candle that closes higher than the close of the candle four periods ago.
Meanwhile, a bearish “Setup” is characterized by the starting number “1” on a candle that closes lower than the close of the candle four periods ago. A potential point of reversal can be identified when the TD Sequential plots figure on the top or bottom of a candle in a bullish or bearish trend.
As shown in the chart above, the number “9” has only just been printed on top of a candlestick on the Bitcoin daily chart, signaling the completion of the Setup phase. Considering that the Bitcoin price was originally in a bullish trend, it appears that the flagship cryptocurrency is set for a brief correction for a few days.
In recent days, there have been heavy discussions around the price of BTC revisiting and perhaps surpassing its current all-time high. Nevertheless, Martinez advised investors to anticipate the Bitcoin price experiencing a brief pullback “before higher highs.”
Bitcoin Price At A GlanceAs of this writing, the price of Bitcoin stands at around $68,272, reflecting a mere 0.5% dip in the past day. According to CoinGecko data, the premier cryptocurrency is up by nearly 9% in the last seven days.
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