Renowned crypto analyst predicts that Bitcoin (
BTC
) is poised for a comeback based on a key indicator.
In a recent strategy session, crypto trader Ali Martinez
informs
his 66,600 followers on the social media platform X that the Tom DeMark (TD) Sequential indicator is signaling a buy on the crypto king’s one-hour chart.
“The TD is flashing a buy signal on the Bitcoin one-hour chart, suggesting a potential rebound of one to four hourly candlesticks for BTC!”


Source: Ali Martinez/X
The TD Sequential indicator is commonly used by traders to identify potential reversal points for an asset.
Martinez
points out
that historically, the top crypto asset by market cap has recovered in July after a tough month of June.
“Historically, when Bitcoin has experienced a negative June, it tends to bounce back strongly in July. In fact, BTC has demonstrated an average return of 7.98% and a median return of 9.60% during this month.”


Source: Ali Martinez/X
However, the analyst notes that based on current futures positions, it’s
likely
that Bitcoin’s decline is not over yet.
“Bitcoin price action has been harsh, but only $280.9 million in longs have been liquidated and $25.4 in shorts. In the past, we have witnessed mass liquidation events of over $1 billion! This suggests that either the BTC dip is not over yet or shorts are about to get crushed.”


Source: Ali Martinez/X
Bitcoin is currently trading at $57,534, representing a 4.8% decrease over the last 24 hours. On July 1st, it was trading at $63,322.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should conduct their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be aware that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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