Crypto Analyst Predicts Bitcoin Rally Based on Bullish Indicator
A crypto analyst and trader, Ali Martinez, suggests that Bitcoin (BTC) may be preparing for a rally as a key indicator turns bullish. According to Martinez, the Tom DeMark (TD) Sequential indicator is showing positive signs. However, Martinez cautions that if Bitcoin fails to maintain its position above the 100-day simple moving average (SMA) level at around $36,500, it could experience a correction to $33,300 based on Fibonacci retracement levels.
The TD Sequential indicator is designed to identify potential trend reversals, with a value of nine indicating a possible turning point. At the time of writing, Bitcoin is trading at $41,831, having risen more than 5% in the last 24 hours.
Increase in Bitcoin Network Activity and Whale Accumulation
Martinez also notes two additional bullish indicators for Bitcoin. Firstly, there has been a significant surge in active BTC addresses on the Bitcoin network, surpassing one million. This increase suggests growing participation and usage of BTC. Secondly, despite the recent market correction, crypto whales continue to accumulate more Bitcoin. In fact, there has been a notable rise in major players holding 1,000 BTC or more, with 46 new entities acquiring such amounts in just two weeks.
Hot Take: Bitcoin Poised for an Upward Move
Based on the analysis of the TD Sequential indicator and other bullish signals like increased network activity and whale accumulation, Ali Martinez predicts that Bitcoin is likely gearing up for an upward move. However, it is crucial to monitor the 100-day SMA support level at $36,500. A breach of this level may lead to a correction towards $33,300. With ongoing market developments and positive indicators, Bitcoin’s rally seems to be on the horizon.
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