Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Technical analysis guru Ali Martinez has shared an update on his Bitcoin price prediction, indicating that the world's leading digital currency may be gearing up for a significant upward movement. In a recent tweet, Martinez expressed confidence in Bitcoin's potential to reach not just one but two key price targets in the near future.
#Bitcoin is working on that buy signal presented by the TD Sequential we spotted the other day. I believe $BTC first target is $30,600 and the potential second target is $31,300. But I will keep an eye and let you know if this changes. https://t.co/dqq8RGStUO pic.twitter.com/Lw864gxUdE
— Ali (@ali_charts) July 20, 2023
The focal point of Martinez's analysis revolves around the TD Sequential, a widely followed technical indicator that helps identify potential price trends on the crypto market. Just a day ago, the analyst alerted his followers to a critical buy signal on the BTC 12H chart, coinciding with the formation of a bullish reversal doji candlestick pattern. The condition for this bullish signal to gain strength was that Bitcoin must maintain a price level above $29,800.
Bitcoin falls amid S&P 500 bearish reversal
As of the time of writing, Bitcoin's price hovers around $29,830, experiencing a marginal decline of 1.21% since the opening of the U.S. stock market trading session. Despite this minor pullback, the analyst's prediction indicates that the cryptocurrency may be on the brink of a considerable rally.
According to Martinez's recent tweet, the initial price target for Bitcoin lies at $30,600, suggesting upward potential of around 2.6% from its current price. However, he does not stop there. Martinez goes on to mention a possible second target of $31,300, which would represent a more substantial gain of nearly 5%.
Vladislav Sopov