Crypto analyst Ali Martinez’ recent comments about Bitcoin may offer useful clues about the potential for a rebound and the significance of the declining whale transaction count.
On 2 May 2023, Martinez commented on Bitcoin’s potential for a rebound in the near future using the TD Sequential indicator.
The TD Sequential is a technical analysis indicator created by financial market analyst Thomas DeMark. It is used to identify potential trend reversals in asset prices. The TD Sequential is based on the idea that market trends tend to move in a series of upward or downward price movements called “countdowns.”
The indicator uses a series of numbers and letters to signal potential trend reversals, with a buy signal typically indicated by a green 9. Martinez noted that TD Sequential had presented a buy signal on Bitcoin’s 4-hour chart, which could trigger a rebound to the range of $28,500 to $29,000.
However, Martinez notes that Bitcoin must hold above $28,700 to confirm the bullish formation. If it fails to do so, the buy signal could be invalidated, which would result in a dip to $27,000.
In addition, Martinez also tweeted earlier in the day about the Bitcoin whale transaction count of $1 million or more, which has been trending down since March 22. This trend could have various implications for Bitcoin, such as reduced trading activity among large holders or a possible shift in market sentiment.
According to data from TradingView, currently (as of 5:51 p.m. UTC on 2 May 2023), on the crypto exchange Bitstamp, BTC-USD is trading at around $28,588, up 0.94% in the past 24-hour period and 71.83% in the year-to-date period.
