Over the weekend, the price of Bitcoin remained mostly stable at $68,000, failing to quite revert to its midweek level. Even with its lackluster performance over the last day, the leading cryptocurrency has held steady at $68,000.
On the social media site X, a well-known cryptocurrency analyst has stated that the price of Bitcoin would not be able to maintain this level for very long. Many investors are now questioning whether this possible correction is only a bump in the road or a full-blown turnabout in the most recent bull run revival.
Analyst Predicts A Brief Correction In The Price Of Bitcoin - What Comes Next?
Crypto expert Ali Martinez recently made an intriguing prediction about the price of Bitcoin in a post on the X platform, speculating that the leading cryptocurrency may soon be in for a little correction. The pundit claims that the price of bitcoin has flashed a sell signal on the daily chart based on the "Tom Demark" (TD) Sequential.
In technical analysis, the TD Sequential is a tool for spotting possible turning points in the trend and price reversals. The TD Setup phase and the TD Countdown phase are the two main parts of this technical analysis instrument.
In particular, nine candles with the same polarity—bearish and bullish—make up the Setup phase. The initial number "1" is placed on a candle that finishes higher than the candle's closing four periods prior during a bullish setup phase.
On the other hand, the initial number "1" on a candle that closes lower than the candle's closure four periods prior indicates a bearish "Setup." When the TD Sequential plots figure appears at the top or bottom of a candle in a bullish or bearish trend, it may indicate a possible point of reversal.
The completion of the Setup phase is indicated by the number "9," which has just recently appeared on top of a candlestick on the Bitcoin daily chart, as can be seen in the chart above. Given that the price of Bitcoin was initially in a bullish trend, it seems that the leading cryptocurrency is about to see a short-term correction lasting a few days.
There have been a lot of talks in the last few days about Bitcoin's price potentially reaching or perhaps surpassing its all-time high. Martinez did, however, caution investors to expect a modest decline in the price of Bitcoin "before higher highs."
A Quick Look at the Price of Bitcoin
The price of Bitcoin is currently at $68,272 as of this writing, down just 0.5% from the previous day. Based on data from CoinGecko, the leading cryptocurrency has increased by almost 9% during the past seven days.
