Bitcoin

A popular crypto analyst on the X platform has sounded the buy alarm for Bitcoin after the premier cryptocurrency <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-fall-below-60000-again-analyst-reveals-trend-for-btc/" target="_blank" rel="noopener ">fell to the $60,000</a> level this weekend. 
<h2 id="strong-can-bitcoin-price-make-a-return-to-67-000-strong">Can Bitcoin Price Make A Return To $67,000?</h2> 
In a recent post on X, popular crypto pundit Ali Martinez <a href="https://x.com/ali_charts/status/1819844501667533097" target="_blank" rel="noopener nofollow">shared</a> an exciting analysis of the price of BTC over the coming days. According to the crypto analyst, the latest price action shows that the flagship cryptocurrency could be gearing for a rebound to its former highs. 
The reasoning behind this bullish projection is the formation of multiple buy signals by the T<a href="https://www.newsbtc.com/news/bitcoin/analyst-hints-bitcoin-price-recovery-might-be-underway-heres-why/" target="_blank" rel="noopener ">D (Tom Demark) Sequential</a> on the Bitcoin four-hour chart. The TD Sequential is a technical analysis indicator used to identify possible points of trend exhaustion and price reversal. 
The TD Sequential consists of two phases; namely setup and countdown. For the setup, nine candlesticks of the same polarity (bullish or bearish) are counted, upon which a reversal is expected to occur. Typically, the direction of the reversal will depend on the candles involved in the setup I.e., nine bearish candles would represent a buy signal and vice versa. 
Upon the completion of the setup, the countdown phase commences, which involves 13 candles — rather than nine — of the same polarity. A completion of the second phase implies that there is likely another <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-third-retest-support-analyst-alarm/" target="_blank" rel="noopener ">reversal point</a>.&nbsp; 
According to Martinez, the TD Sequential has pinpointed a potential reversal for the Bitcoin price. On the four-hour chart, the indicator presents an aggressive 13, a sequential 13, and a red 9 candlestick. 
<img loading="lazy" decoding="async" class="wp-image-632981 size-jnews-1140x815" src="https://www.newsbtc.com/wp-content/uploads/2024/08/GUFi7MHXQAAdHto.jpeg?w=1106&amp;h=815&amp;crop=1&amp;resize=1106%2C815" alt="Bitcoin" width="1106" height="815" data-recalc-dims="1"> 
The aggressive 13, sequential 13, and red 9 all suggest that the current downward trend might be losing momentum, thereby hinting at a possible trend reversal in the short term. Ultimately, these signals are indicating a strong buy opportunity for premier cryptocurrency, having shed some of its value in recent days. 
However, if the prediction of a price rebound fails to hold and the $60,000 support crumbles, investors could see the price of Bitcoin fall as low as $57,000.&nbsp; 
<h2 id="strong-btc-price-at-a-glance-strong">BTC Price At A Glance</h2> 
As of this writing, the <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-holds-ground-at-65700-amid-unchanged-fed-rates-anticipating-september-moves/" target="_blank" rel="noopener ">price of Bitcoin</a> continues to hover around $61,000, recording barely any movement in the last 24 hours. According to data from CoinGecko, the premier cryptocurrency has declined in value by more than 10% in the past week. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/LnjGeKdn/" alt="Bitcoin" width="1832" height="1314"> Featured image from iStock, chart from TradingView

Bitcoin Triple Threat: Analyst Identifies Three Signals For BTC Price Rebound

Table of Contents

NewsBTC

Other articles published on Aug 4, 2024

The #QUASA app is now available on 1/6 of the Earth

Filecoin (FIL) Portfolios Stay Red With 18% Weekly Losses

Shiba Inu Confirms Death Cross Amid Major Sell-Off; What's Next for Price

Argentina Creates UIAAS Unit That Will Use AI To Detect Future Crimes

Can VASP-Focused Accounts Boost Digital Economy?

Bitcoin’s harsh drop triggers $142M in liquidations – What now?

Join our free newsletter for daily crypto updates!