Bitcoin

when

Crypto analyst Ali Martinez has offered an exciting bullish projection for the Bitcoin price. This analysis is even more interesting for the premier cryptocurrency after it <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-further-crash-to-47000/" target="_blank" rel="noopener ">fell to a multi-month low</a> over the past week. 
<h2 id="strong-is-a-return-to-60-000-on-the-cards-for-btc-price-strong">Is A Return To $60,000 On The Cards For BTC Price?</h2> 
In a <a href="https://x.com/ali_charts/status/1809612805194281330" target="_blank" rel="noopener nofollow">new post</a> on the X platform, Martinez shared an interesting analysis of the Bitcoin price, explaining that the coin might be primed for a run to the upside. This is based on two bullish candlestick formations on the three-day chart. 
Firstly, the pundit noted that the price of BTC is forming a doji candle pattern on the three-day timeframe. As shown below, the specific candlestick pattern developing on the Bitcoin chart is the Dragonfly doji, which looks like a cross or plus sign but with its horizontal line close to the top. 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Bitcoin</a> is looking like a snack in the 3-day chart 
 It is developing a bullish reversal doji candlestick, combined with a buy signal by the TD Sequential. <a href="https://t.co/EgTcpu9SAZ" rel="nofollow">pic.twitter.com/EgTcpu9SAZ</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1809612805194281330?ref_src=twsrc%5Etfw" rel="nofollow">July 6, 2024</a>
</blockquote> 
Typically, the dragonfly doji candlestick pattern is an indicator of a potential reversal depending on the price action. Considering that the market has been in a correction in recent days, a reversal would mean a movement of the Bitcoin price to the upside. 
It is worth noting that the <a href="https://www.newsbtc.com/topic/common-types-of-japanese-candlesticks/" target="_blank" rel="noopener ">dragonfly doji</a> is not the most reliable signal of an imminent price reversal, as the indicator can be a sign of indecision amongst investors. However, Martinez pointed to another bullish formation that might also be indicating a potential trend reversal. 
The second bullish formation is based on the “Tom Demark” (TD) Sequential, which is used in technical analysis to spot potential points of trend exhaustion and price reversal. Martinez said that the indicator has flashed a buy signal on the three-day Bitcoin price chart. 
Typically, the <a href="https://www.newsbtc.com/news/bitcoin-surges-past-71000-but-td-sequential-sell/" target="_blank" rel="noopener ">TD Sequential</a> is made up of two major phases, namely the “setup” and the “countdown.” The price of Bitcoin just completed the setup phase, which is made up of nine consecutive candles that closed lower than the candle four periods ago. 
The potential reversal point appears when the TD Sequential forms the number “9” on top of a candle in a bullish or bearish trend. As shown in the image highlighted by Martinez, the number “9” is on the doji candle suggesting a <a href="https://www.newsbtc.com/bitcoin-news/bullish-reversal-for-bitcoin-retail-investors-flood-back-as-new-addresses-reach-4-month-peak/" target="_blank" rel="noopener ">possible reversal</a>. 
The question that will be on the minds of most investors is whether the premier cryptocurrency will return to $60,000. While the recent chart formations are suggesting an upward rally, it is difficult to pinpoint the magnitude of the potential bullish run. 
<h2 id="strong-bitcoin-price-at-a-glance-strong">Bitcoin Price At A Glance</h2> 
As of this writing, the <a href="https://www.newsbtc.com/news/market-expert-predicts-when-bitcoin-price-will-reach-its-cycle-highs/" target="_blank" rel="noopener ">price of Bitcoin</a> is on the verge of $58,000, reflecting a 2.7% gain in the last 24 hours. However, the market leader is still down by more than 5% in the past week. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/CLLR18PC/" alt="Bitcoin price" width="1832" height="1314">

Analyst Hints Bitcoin Price Recovery Might Be Underway — Here’s Why

目录

NewsBTC

发布于 2024年7月7日的其他文章

Exciting Expansion From Agaswap Adds Arbitrum For Faster, Lower-fee Trading

Kaspa: Why KAS should be on your list despite 11% decline

Asian Trading Hours Influence Cryptocurrency Market Volatility

1st Report Of July 2024 - Matrix AI Network

Enhancing Your Crypto Security with Hippo Wallet: A Guide to Multi-Signature Wallets

Investors Swarm to BlockDAG’s 40% Bonus Offer on Purchases Over $40K, Racing Against Mantle Price...

订阅我们免费的电子期刊，获取每日最新加密领域动态！