Bitcoin Expected to Undergo Correction, Warns Analyst - COINTURK NEWS
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Bitcoin Expected to Undergo Correction, Warns Analyst

12:28 am (26 days ago)
November 11, 2023

Crypto analyst Ali Martinez has cautioned that Bitcoin (BTC) is soon to experience a short-term market correction.

Expectation of Correction in Bitcoin

Popular crypto analyst Ali Martinez stated to his followers on social media platform X that he expects Bitcoin to pull back after nearing $38,000. In his statements, the expert analyst mentioned the following:

Actually, a short correction is approaching.

The analyst uses the Tom DeMark (TD) sequential indicator to predict that Bitcoin could drop by approximately 12% from its current value. In his remarks, the analyst said the following:

Bitcoin is approaching $40,000, and the crowd couldn’t be more excited about it. However, one important rule in trading is not being able to follow the herd. Although I won’t touch my spot BTC position until 2025, I’m inclined to short in the futures market. Want to know why? As BTC approaches a significant resistance area between $38,500 and $42,000, TD Sequential offers a sell signal on the weekly chart. I believe this resistance wall could trigger a correction towards $33,000; I plan to buy the dip before the uptrend continues. Invalidation would be the weekly candle closing above $42,500.

Critical Metric in BTC

The Tom DeMark (TD) sequential indicator tracks a series of price points to indicate possible trend reversals. Based on TD Sequential principles, a count of 13 indicates a pause, pullback, or reversal in the current trend. A reversal point is indicated when nine consecutive candles close lower than the previous four periods’ candles.

The expert also suggested that Bitcoin miners selling large amounts of BTC could create downward pressure on the leading cryptocurrency.

Since Bitcoin surpassed $34,000 at the end of October, BTC miners have been selling. Over 5,000 BTC worth more than $175 million has been transferred since then.

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