The Bitcoin price has not quite been able to replicate its midweek form over the weekend, hovering around the $68,000 level. Despite the quiet performance in the past day, the premier cryptocurrency has managed to hold its own above $68,000.
However, a prominent crypto pundit on social media platform X has said that the price of BTC might not be able to hang on to this level for too long. This has left several investors wondering if this potential correction is only a hiccup or a complete turnaround in the latest bull run resurgence.
Analyst Says Bitcoin Price To Face Brief Correction — What Next?
In a recent post on the X platform, crypto analyst Ali Martinez put forward an interesting prognosis for the price of Bitcoin, saying that the premier cryptocurrency might be set for a brief correction in the short term. According to the pundit, the “Tom Demark” (TD) Sequential has flashed a sell signal for the BTC price on the daily chart.
The TD Sequential is an indicator in technical analysis used to identify potential points of trend exhaustion and price reversal. This technical analysis tool comprises two major phases; namely the TD Setup phase and the TD Countdown phase.
Specifically, the Setup phase is made up of nine candles of the same polarity (bearish and bullish). In a bullish Setup phase, the starting number “1” is plotted on a candle that closes higher than the close of the candle four periods ago.
Meanwhile, a bearish “Setup” is characterized by the starting number “1” on a candle that closes lower than the close of the candle four periods ago. A potential point of reversal can be identified when the TD Sequential plots figure on the top or bottom of a candle in a bullish or bearish trend.
Source: Ali_charts/X
As shown in the chart above, the number “9” has only just been printed on top of a candlestick on the Bitcoin daily chart, signaling the completion of the Setup phase. Considering that the Bitcoin price was originally in a bullish trend, it appears that the flagship cryptocurrency is set for a brief correction for a few days.
In recent days, there have been heavy discussions around the price of BTC revisiting and perhaps surpassing its current all-time high. Nevertheless, Martinez advised investors to anticipate the Bitcoin price experiencing a brief pullback “before higher highs.”
Bitcoin Price At A Glance
As of this writing, the price of Bitcoin stands at around $68,272, reflecting a mere 0.5% dip in the past day. According to CoinGecko data, the premier cryptocurrency is up by nearly 9% in the last seven days.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.
Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part – in fact, far from it.
Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.
When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.
Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books – ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.
