- The cryptocurrency market’s popular indicators are beginning to signal a sell-off for Bitcoin.
- Renowned Bitcoin analyst Ali Martinez analyzed the short-term market trends using the TD Sequential indicator.
- According to CoinGecko, Bitcoin surged past $71,000 today. CoinGlass data reveals that $112 million positions were liquidated within 24 hours, with $72.9 million being short positions.
Explore the latest market analysis as the TD Sequential indicator suggests a potential correction for Bitcoin amidst a surge in liquidations.
TD Sequential Indicator Signals Price Correction
The TD Sequential, developed to determine the end of a trend and predict price reversals, is currently showing a sell signal for Bitcoin. This indicator, popularized by Tom Demark, is pivotal in identifying trend exhaustion in both bullish and bearish markets.
Analysis from Notable Financial Experts
The TD Sequential indicator comprises two phases: setup and countdown. These phases help traders identify if a trend will continue or reverse. According to Martinez, the hourly Bitcoin chart indicates a sell signal, suggesting a potential price correction over the next one to four hourly candles.
Bitcoin’s Path Beyond $73,000
Bitcoin needs to surpass the $73,000 mark to break its previous record. Mike Novogratz, the founder of Galaxy Digital, opined that surpassing this level could propel Bitcoin towards $100,000, especially if regulatory uncertainties in the U.S. are resolved, providing tailwinds for Bitcoin’s upward trajectory.
Conclusion
Forecasts and expert analyses indicate a potential short-term price correction based on the TD Sequential indicator. However, if Bitcoin can break the $73,000 threshold, the potential for further growth remains strong. Investors should remain vigilant and watch for key support and resistance levels in the upcoming trading hours.
