Crypto analyst Ali Martinez has offered an exciting bullish projection for the Bitcoin price. This analysis is even more interesting for the premier cryptocurrency after it fell to a multi-month low over the past week. Is A Return To $60,000 On The Cards For BTC Price? In a new post on the X platform, Martinez shared an interesting analysis of the Bitcoin price, explaining that the coin might be primed for a run to the upside. This is based on two bullish candlestick formations on the three-day chart. Firstly, the pundit noted that the price of BTC is forming a doji candle pattern on the three-day timeframe. As shown below, the specific candlestick pattern developing on the Bitcoin chart is the Dragonfly doji, which looks like a cross or plus sign but with its horizontal line close to the top. Related Reading: Finance CEO Raoul Pal Says Crypto Will Reach $100 Trillion Market Cap – Here’s When Typically, the dragonfly doji candlestick pattern is an indicator of a potential reversal depending on the price action. Considering that the market has been in a correction in recent days, a reversal would mean a movement of the Bitcoin price to the upside. It is worth noting that the dragonfly doji is not the most reliable signal of an imminent price reversal, as the indicator can be a sign of indecision amongst investors. However, Martinez pointed to another bullish formation that might also be indicating a potential trend reversal. The second bullish formation is based on the “Tom Demark” (TD) Sequential, which is used in technical analysis to spot potential points of trend exhaustion and price reversal. Martinez said that the indicator has flashed a buy signal on the three-day Bitcoin price chart. Typically, the TD Sequential is made up of two major phases, namely the “setup” and the “countdown.” The price of Bitcoin just completed the setup phase, which is made up of nine consecutive candles that closed lower than the candle four periods ago. The potential reversal point appears when the TD Sequential forms the number “9” on top of a candle in a bullish or bearish trend. As shown in the image highlighted by Martinez, the number “9” is on the doji candle suggesting a possible reversal. The question that will be on the minds of most investors is whether the premier cryptocurrency will return to $60,000. While the recent chart formations are suggesting an upward rally, it is difficult to pinpoint the magnitude of the potential bullish run. Bitcoin Price At A Glance As of this writing, the price of Bitcoin is on the verge of $58,000, reflecting a 2.7% gain in the last 24 hours. However, the market leader is still down by more than 5% in the past week. Featured image from iStock, chart from TradingView
NewsBTC
You can visit the page to read the article.
Source: NewsBTC
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
Coinbase To Stop Supporting Non-Compliant Stablecoins in EU by the End of 2024, Including Possibly USDT: Report
Coinbase reportedly plans to cut support for certain stablecoins in the European Union (EU) by the end of the year. A spokesperson for the crypto exchange tells Bloomberg the exchange will delist stablecoins in Europe that don’t comply with the EU’s Markets in Crypto-Assets Regulation (MiCA). “Given our commitment to compliance, we intend to restrict The post Coinbase To Stop Supporting Non-Compliant Stablecoins in EU by the End of 2024, Including Possibly USDT: Report appeared first on The Daily Hodl . NewsBTC
Old Bitcoin Wallet Moves BTC to Kraken as Sell-Off Expected
An “ancient” Bitcoin whale that mined BTC during the first two months of the Bitcoin network’s existence has moved more BTC to cryptocurrency exchange Kraken, according to a blockchain data firm. “This Bitcoin was mined ONE MONTH after Bitcoin’s launch in Feb/March 2009,” Arkham Intelligence noted in an Oct. 4 post on X. The mysterious Bitcoin whale transferred 10 Bitcoin, worth $610,000, in the latest transfer on Oct. 3. Since Sept. 24, they have moved a total of $3.58 million to Kraken. Before this activity, the wallet address had been dormant for a decade, as mentioned in an earlier post NewsBTC