Analysis

Is Bitcoin Heading for Dip? Top Analyst Predicts BTC Price Correction

Ali Martinez, a well-known cryptocurrency expert, has recently expressed concern about the possibility of an impending price drop of Bitcoin (BTC). Martinez claims that on the 12-hour Bitcoin chart, the widely-used TD Sequential indicator has shown a sell signal.

According to data starting in early February, every time this indicator has indicated a sell, the price of Bitcoin has fallen by 1.6% to 3.5%, thus it might be a significant signal for short-term traders. Martinez also provided a graphic that shows how this tendency keeps happening.

On every occasion when the TD Sequential indicator has displayed a “9” or “13,” indicating overbought circumstances and the possibility of a price drop, the next price movement has been much lower. The consistency of this trend in recent times lends credibility to the crypto analyst’s prognosis about Bitcoin.

A sell signal for #Bitcoin was displayed on the 12-hour chart by the TD Sequential indicator!

Every time this signal indicated selling, the price of $BTC fell between 1.6% and 3.5% since early February. Traders with a shorter time horizon would do well to keep an eye on this trend! Picture: https://pic.twitter.com/ppQ9ZLG076 and

On March 11, 2024, Ali tweeted (@ali_charts).

Bitcoin price remains bullish

Given that Bitcoin’s price has increased by 2.74 percent in the previous 24 hours, to $71,806, the timing of this forecast is critical. The current price of Bitcoin is lower than when it was recently at its all-time high (ATH) of $72,214. Traders should be cautious and keep a tight eye on their holdings despite this positive trend, since the TD Sequential indicator has signaled a sell.

A 78.70% spike, bringing the 24-hour trading volume of Bitcoin to $51.87 billion, has added to the market’s vivacity. Investors and traders alike should pay close attention to the time of the sell signal, as the substantial rise in trading activity suggests heightened interest and movement on the bitcoin market.

The recent price swings and volume surges show a lot of interest in the market, but a sell signal from the TD Sequential indicator might mean a correction is on the way. Traders with a shorter time horizon should take this data into account when formulating their trading plans, especially in light of the pattern that Ali Martinez has uncovered. Due investigation and extreme care are still required in the very unpredictable bitcoin market.

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