Analyst Raises Bitcoin Buy Alarm, Despite One Catch
Bitcoin (BTC) experienced a 5% surge on Tuesday, reaching above $26,000 for the first time this week. Franklin Templeton, a $1.45 trillion asset manager, filing for a spot bitcoin ETF with the US Securities and Exchange Commission (SEC) contributed to the positive sentiment surrounding the token. However, the market euphoria has since subsided and investors are now speculating on the next movement of the premier cryptocurrency.
Crypto analyst Ali Martinez has identified a buy signal for BTC investors. He states that the TD sequential indicator has produced a buy signal on Bitcoin’s weekly chart, suggesting a potential price rally. In the last 30 days, BTC has lost approximately 10.85% of its market value. To validate the buy signal, Bitcoin must close the week trading above $25,600. If this condition is met, Martinez predicts that BTC could reach prices as high as $28,350-$31,800 in the coming weeks.
Investors are also awaiting the release of the United States’ monthly Consumer Price Index (CPI) data report, scheduled for Wednesday. The CPI measures the change in the price of a basket of goods and services and is an important indicator of inflation. If the CPI report shows a rise in inflation for August, it may lead to the US Federal Reserve increasing interest rates. This could impact the demand for risk assets like Bitcoin and other cryptocurrencies.
At the time of writing, Bitcoin is trading at $26,136.30, with a 1.64% price gain in the last seven days. The token’s daily trading volume has declined by 24.19% and currently stands at $14.83 billion..
#Analyst #Sounds #Buy #Alarm #Bitcoin #Catch
Bitcoin (BTC) experienced a 5% surge on Tuesday, reaching above $26,000 for the first time this week. Franklin Templeton, a $1.45 trillion asset manager, filing for a spot bitcoin ETF with the US Securities and Exchange Commission (SEC) contributed to the positive sentiment surrounding the token. However, the market euphoria has since subsided and investors are now speculating on the next movement of the premier cryptocurrency.
Crypto analyst Ali Martinez has identified a buy signal for BTC investors. He states that the TD sequential indicator has produced a buy signal on Bitcoin’s weekly chart, suggesting a potential price rally. In the last 30 days, BTC has lost approximately 10.85% of its market value. To validate the buy signal, Bitcoin must close the week trading above $25,600. If this condition is met, Martinez predicts that BTC could reach prices as high as $28,350-$31,800 in the coming weeks.
Investors are also awaiting the release of the United States’ monthly Consumer Price Index (CPI) data report, scheduled for Wednesday. The CPI measures the change in the price of a basket of goods and services and is an important indicator of inflation. If the CPI report shows a rise in inflation for August, it may lead to the US Federal Reserve increasing interest rates. This could impact the demand for risk assets like Bitcoin and other cryptocurrencies.
At the time of writing, Bitcoin is trading at $26,136.30, with a 1.64% price gain in the last seven days. The token’s daily trading volume has declined by 24.19% and currently stands at $14.83 billion..
#Analyst #Sounds #Buy #Alarm #Bitcoin #Catch
