According to an analyst, Ali Martinez, there is a notable sell signal on the TD Sequential indicator on Bitcoin’s 12-hour chart. He goes by the username ali_charts on X and is anticipating a correction for Bitcoin. It is expected to occur for a limited period, after which the token may experience a rebound.
Martinez’s speculation comes at a time when BTC is moving within a specific range of $55,000 and $59,000. Every time there is a factor that draws its steps back to a lower value, it is a struggle to breach the $60,000 mark. Previously, the market crash in August was the cause, followed by concerns about a potential recession. Now, it is possible that the token is responding heavily to the ongoing political scenario.
For reference, BTC is exchanging hands at $58,266.17, up by 0.48% in the last 24 hours, at the time of writing this article. It further reflects a surge of 3.79% in the last 7 days and a decline of 4.86% in the last 7 days.
Bitcoin tokens plummeted when reports claimed a victory for Kamala Harris after her presidential debate with Donald Trump. Markets did rise for a short time when the former president gained an edge in poll predictions. However, trends eventually turned to a low.
Another factor that could contribute to the correction phase is the difficulty faced by Bitcoin miners. Their revenue is down to $39.18 for 1 petahash per second, or PH/s. The market’s growing competitiveness is forcing them to upgrade their computational power. That is something they cannot afford, given the rise in costs.
Miners are facing significant challenges due to increased difficulty and low revenue.
A correction phase, if it does happen per post by Martinez, will eventually lead to a surge of almost 39.84% in the next 30 days. It will take the value to $81,305 amid the volatility of 4.23%. Another near-term projection speculates that BTC will trade at $68,974 in the next five days.
Community members have responded to his speculation by saying that DOGE may be an altcoin to consider. Another member has said that a price of $55,400 is on the table before BTC measures a value of $62,700.