A senior cryptocurrency analyst, closely followed, claimed that the signal for a rise in Bitcoin (BTC) has faded after this month’s drop. Here is the analyst’s comment on Bitcoin!
BTC Expert Opinion!
Cryptocurrency analyst Ali Martine suggested to his followers on the social media platform X that if the leading cryptocurrency stays above an important price level, Bitcoin could bounce more than 8% from its current value. The senior analyst stated the following in his comments:
Bitcoin TD (Tom DeMark) Sequential has presented a buying signal on the three-day chart of BTC. A sustainable close above $26,800 could pave the way for a rise to $28,000. However, if BTC falls below $25,300, this bullish scenario will be invalidated.
The Tom DeMark (TD) Sequential indicator tracks a series of price points to indicate possible trend reversals. According to the principles of TD Sequential, the number 13 can indicate a pause, retracement, or reversal in the current trend. If the closing of nine consecutive candles is lower than the close of the previous four periods’ candles, it can indicate a reversal point.
The analyst also noticed that thousands of BTC were sent to cryptocurrency exchanges, which could indicate a potential increase in Bitcoin selling. The expert stated the following in his remarks:
In the last 24 hours, approximately 5,000 BTC worth about $128.5 million has been sent to cryptocurrency exchanges.
Critical Price Level for Ethereum!
Later, investors warned that if the smart contract platform Ethereum fails to maintain an important price level, it could see a significant market correction. The risk assessment is based on the number of ETH holders in profit or loss at specific price levels. The analyst said the following in his comments:
Ethereum below $1,680 is a cause for concern because it could open the way for a significant correction towards $1,200 for ETH. Regardless, Cardano whales sold or redistributed approximately 1.02 billion ADA, worth around $265 million, last week.
At the time of writing this article, Bitcoin is trading at $25,862, showing a 0.3% increase in the last 24 hours.
