As Bitcoin goes through significant price changes, various analyzes by cryptocurrency analysts have given a mixed picture of its near-term trajectory.
Prominent cryptocurrency analyst, Ali, identified sell signal on Bitcoin miniature term charts using the TD Sequential indicator.
According to Ali’s analysis, the TD Sequential indicator suggested that Bitcoin’s current upward trend may be losing momentum. This could potentially lead to a correction within the next one to four candlesticks, especially evident on the four-hour chart.
TD Sequential presents a sell signal to the market #Bitcoin 4-hour chart, predicting a correction from one to four candles $BTC. pic.twitter.com/OC9Clv0Tat
— Ali (@ali_charts) May 16, 2024
Divergent views on Bitcoin from top cryptocurrency analysts
Contrasting this perspective recently was another prominent analyst, Rekt Capital only if a more hopeful view. According to Rekt Capital, Bitcoin ended its downtrend in mid-April, breaking the uptrend, and its price broke above previous resistance levels.
This change was marked by Bitcoin reaching its first higher peak since its decline to $56,000, as highlighted by Rekt Capital. This indicates a possible continuation of the bull market despite periodic attempts to alarm investors.
The TD Sequential indicator’s sell signal comes as Bitcoin showed a 7.6% gain over the past seven days, hitting a 24-hour high of $66,567 before slightly recovering to $65,592.
Rekt Capital recorded the importance of the $60,000 support level, suggesting that maintaining this level is crucial for continued positive momentum. He noted that the recent break to $66,000 is an indication of how quickly market sentiment can shift towards a bullish trend.
Analyst revealed: :
The Bitcoin bull market is not over. However, from time to time the market will try to knock you out of your positions before you can make a significant profit on them.
Galaxy CEO’s insights on future BTC trends
Meanwhile, Mike Novogratz from Galaxy Digital commented on broader market trends, noting that the cryptocurrency sector is at a critical juncture where narratives are evolving and the market landscape may change quickly, especially with impending regulatory changes in the US.
Mike Novogratz further expanded on the macro perspective, suggesting that the next few months could be crucial for the cryptocurrency market as it responds to fresh narratives and regulatory changes.
It’s been a fascinating week in cryptocurrencies. Narratives are created and opportunities change. It will be engaging to watch the next few months unfold, and it will be even more engaging to see the step change that will occur as soon as there is regulatory clarity regarding cryptocurrencies in the US… pic.twitter.com/t0g5rTIKjP
— Mike Novogratz (@novogratz) May 16, 2024
He did too recently predicted that the price of Bitcoin will fluctuate between $55,000 and $75,000 for some time, which indicates a consolidation phase before any major moves.
Featured image from Unsplash, chart from TradingView
