A widely followed crypto analyst says that a bullish signal is flashing for Bitcoin (BTC) after declining this month.
Crypto trader Ali Martinez tells his 30,400 followers on the social media platform X that Bitcoin could bounce more than 8% from its current value if the king crypto stays above a key price level.
“Bitcoin: The TD (Tom DeMark) Sequential presented a buy signal on BTC three-day chart. A sustained close above $26,800 could pave the way for a surge to $28,000. However, a BTC dip below $25,300 would nullify this bullish scenario.”
The Tom DeMark (TD) Sequential indicator traces a series of price points to signal possible trend reversals. Based on TD Sequential principles, a 13 count indicates a pause in the current trend, a pullback, or a reversal. A point of reversal is indicated when nine consecutive candles close lower than the candles of four periods earlier.
Bitcoin is trading for $25,862 at time of writing, up 0.3% in the last 24 hours.
The trader also noticed that thousands of BTCs were sent to crypto exchanges, which could indicate Bitcoin selling may increase.
“Bitcoin: Roughly 5,000 BTC have been sent to crypto exchanges within the last 24 hours, worth around $128.5 million.”
Next, the trader warns that smart contract platform Ethereum (ETH) may see a severe market correction if it fails to hold a key price level. He bases his risk assessment on the number of ETH holders in profit or loss at certain price levels.
“Ethereum below $1,680 is a cause for concern, as it may pave the way for a significant ETH correction down to $1,200.”
Ethereum is trading for $1,628 at time of writing, down 0.1% in the last 24 hours.
The trader also noticed that crypto whales are selling off huge amounts of ETH rival Cardano (ADA).
“Cardano whales have sold or redistributed roughly 1.02 billion ADA over the past week, worth around $265 million.”
Cardano is trading for $0.25 at time of writing, down 0.1% in the last 24 hours.
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