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Crypto currency analyst and investor Ali Martinez suggested that Bitcoin (BTC) is gearing up for a rally after a critical indicator suddenly signaled. The analyst also drew attention to several data points regarding Bitcoin.
Metrics Indicating a Rise in Bitcoin
Ali Martinez, in his statements on social media platforms, claimed to his followers that the Tom DeMark (TD) Sequential indicator is showing an uptrend. However, the analyst warned that if Bitcoin, the leading cryptocurrency, cannot maintain its position above the important 100-day simple moving average (SMA) at approximately $36,500, it could correct to the $33,300 level according to Fibonacci retracement levels, stating:
While the TD Sequential is giving a buy signal on the daily chart, Bitcoin is maintaining its position above the 100-day SMA. A rise surpassing $40,550 could catalyze a climb to $43,000. However, watch the 100-day SMA support level because a breach could take BTC down to $33,300.
The TD Sequential indicator aims to identify market turning points with its nine values that signal a possible trend reversal. Bitcoin was trading at $41,831, up more than 5% in the last 24 hours at the time the article was written.
Increase in BTC Network Activity
The analyst also noted a sudden increase in Bitcoin network activity, underlining that this could be another indicator of an upcoming rise. The expert said in his statements:
The Bitcoin network has recorded a notable increase in active BTC addresses, surpassing one million! This surge indicates increasing participation and usage of BTC.
According to the analyst, another bullish signal could be that crypto currency whales have continued to buy more BTC even during the recent market correction. The analyst concluded his statements by saying:
Even amidst this market correction, Bitcoin whales are not slowing down. They are accumulating more BTC! In fact, there is a significant increase among large players. 46 new entities now hold 1,000 BTC or more, which indicates a 3% increase in just two weeks.
