Sunday, 22 December 2024 Bitcoin Poised for Rebound to $67,000, Says Analyst
A well-known crypto analyst on X has issued a buy signal for Bitcoin after the cryptocurrency dipped to $60,000 over the weekend.
Can Bitcoin Rebound to $67,000?
In a recent update on X, prominent crypto analyst Ali Martinez highlighted a potential bullish shift in Bitcoin’s price. According to Martinez, recent technical analysis suggests that Bitcoin could be setting up for a rebound to its previous highs.
Martinez’s optimistic outlook is supported by the TD (Tom Demark) Sequential indicator, which has generated multiple buy signals on Bitcoin’s four-hour chart. The TD Sequential is a tool used to identify potential trend reversals based on candlestick patterns.
The TD Sequential operates in two phases: setup and countdown. The setup phase counts nine consecutive candlesticks of the same polarity (bullish or bearish) to signal a potential reversal. For example, nine bearish candles indicate a buy signal, while nine bullish candles suggest a sell signal.
Following the setup, the countdown phase tracks 13 consecutive candles of the same polarity. Completion of this phase often signals another potential reversal.
Martinez notes that the TD Sequential indicator is currently showing a potential reversal point for Bitcoin. The four-hour chart displays an aggressive 13, a sequential 13, and a red 9 candlestick, suggesting a possible price rebound.