This past weekend, Bitcoin’s price slipped to the $60,000 mark, prompting a well-known crypto analyst on the X platform to issue a buy alert for the premier cryptocurrency. Ali Martinez, a popular figure in the crypto analysis community, recently shared his optimistic outlook for Bitcoin’s price trajectory in the coming days.
Martinez’s analysis hinges on the recent formation of multiple buy signals identified by the TD (Tom Demark) Sequential indicator on the Bitcoin four-hour chart. The TD Sequential is a technical analysis tool that helps pinpoint potential trend exhaustion and price reversal points. Martinez suggests that these signals indicate Bitcoin may be poised for a rebound to its previous highs.
The TD Sequential operates in two phases: setup and countdown. During the setup phase, nine consecutive candlesticks of the same polarity—either bullish or bearish—are counted, suggesting a possible price reversal at the end of this phase. If the nine candlesticks are bearish, it indicates a potential buy signal, while nine bullish candlesticks suggest a sell signal. Once the setup phase is completed, the countdown phase begins, involving 13 consecutive candlesticks of the same polarity. Completing this second phase implies another possible reversal point.
Martinez highlights the appearance of an aggressive 13, a sequential 13, and a red 9 candlestick on the Bitcoin four-hour chart. These indicators collectively suggest that the current downward trend may be running out of steam, hinting at an imminent trend reversal. The signals point to a strong buying opportunity for Bitcoin, which has recently seen a decline in value.
However, Martinez also cautioned that if this predicted price rebound does not materialize and Bitcoin fails to hold the $60,000 support level, the cryptocurrency could fall further to around $57,000.
As it stands, Bitcoin’s price remains relatively stable, hovering around $61,000 with minimal movement over the past 24 hours. Data from CoinGecko reveals a more than 10% decline in Bitcoin’s value over the past week. Despite the recent downturn, the indicators identified by Martinez provide a glimmer of hope for investors eyeing a potential recovery.
