After months of excitement about the potential for the stock to rise to unprecedented highs of $100,000, or even $300,000 according to some prominent investors, the approval of a cash exchange-traded fund (ETF) has heightened A new record value of nearly $73,000 and halving has arrived. Since the events of April, Bitcoin (BTC) price movements have been relatively stagnant and even threatened to crash in early May.
By mid-month, the world's top cryptocurrency was on the rise again, up nearly 5% in a week from lows of nearly $60,000, especially after the latest CPI report came in with lower than feared results. At press time, the price had soared to $66,357. .
While many traders are hoping that this rally marks the end of the crypto market's doldrums and a full return to the bullish cycle, technical analysis (TA) analysis suggests that future developments are likely It has become clear that it may not be all plain sailing.
TD Sequential warns of impending BTC correction
Shortly after Bitcoin's recent rally gained momentum, prominent crypto analyst Ali Martinez shared with X magazine that the world's top cryptocurrency may be facing an impending correction. .
According to experts, TD Sequential, a popular technical analysis tool designed to detect the timing of confirmatory trend reversals by analyzing an asset's previous performance over a set time frame, A strong sell signal was issued on the 4-hour chart.
Martinez also added that the correction is likely to play out between one and four candlesticks.
bitcoin price chart
Although technical analysis may indicate a decline in price, Bitcoin has recently experienced a significant rally.
In fact, after consolidation and increased volatility combined with mostly sideways trading, the coin has once again entered an uptrend, gaining 54.46% since the beginning of 2024.
While BTC has yet to regain its March highs, the recent surge has erased losses from early May, with Bitcoin up 5.73% on the 30-day chart and very close to its April highs. twenty two.
Disclaimer: Content on this site should not be considered investment advice. Investments are speculative. When you invest, your capital is at risk.
