Crypto Trader Warns of Impending Correction for Bitcoin
A crypto trader, Ali Martinez, is predicting that Bitcoin (BTC) is likely to experience a short-lived market correction in the near future. Martinez has shared his forecast with his followers on social media platform X, indicating that he expects Bitcoin to pull back after approaching the $38,000 mark.
Using the Tom DeMark (TD) Sequential indicator, Martinez predicts that Bitcoin could decline by almost 12% from its current value. He explains that the TD Sequential has presented a sell signal on the weekly chart as BTC approaches an important resistance zone between $38,500 and $42,000. This resistance wall could trigger a correction towards $33,000 before resuming an uptrend.
Possible Downside Pressure on Bitcoin
Additionally, Martinez notes that Bitcoin miners have been selling significant amounts of BTC since it surged past $34,000 in late October. Over 5,000 BTC, worth approximately $175 million, have been offloaded by miners during this period. This selling activity could create downside pressure on the leading cryptocurrency.
Bitcoin’s Current Price
As of now, Bitcoin is trading at $37,377.
Hot Take: Potential Market Correction for Bitcoin
According to crypto trader Ali Martinez’s analysis using the TD Sequential indicator and observations about miner selling activity, a brief correction may be looming for Bitcoin. This correction could see BTC decline by nearly 12% from its current value before resuming an uptrend. Keep an eye on key price levels and market indicators to assess potential entry or exit points for your trading strategy.
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