The Bitcoin price has not quite been able to replicate its midweek form over the weekend, hovering around the $68,000 level. Despite the quiet performance in the past day, the premier cryptocurrency has managed to hold its own above $68,000.<\/p>\n
However, a prominent crypto pundit on social media platform X has said that the price of BTC might not be able to hang on to this level<\/a> for too long. This has left several investors wondering if this potential correction is only a hiccup or a complete turnaround in the latest bull run resurgence.<\/p>\n In a recent post on the X platform, crypto analyst Ali Martinez put forward<\/a> an interesting prognosis for the price of Bitcoin, saying that the premier cryptocurrency might be set for a brief correction in the short term. According to the pundit, the \u201cTom Demark\u201d (TD) Sequential has flashed a sell signal for the BTC price on the daily chart.<\/p>\n The TD Sequential<\/a> is an indicator in technical analysis used to identify potential points of trend exhaustion and price reversal. This technical analysis tool comprises two major phases; namely the TD Setup phase and the TD Countdown phase.<\/p>\n Specifically, the Setup phase is made up of nine candles of the same polarity (bearish and bullish). In a bullish Setup phase, the starting number \u201c1\u201d is plotted on a candle that closes higher than the close of the candle four periods ago.\u00a0<\/p>\n Meanwhile, a bearish \u201cSetup\u201d is characterized by the starting number \u201c1\u201d on a candle that closes lower than the close of the candle four periods ago. A potential point of reversal can be identified when the TD Sequential plots figure on the top or bottom of a candle in a bullish or bearish trend.<\/p>\n As shown in the chart above, the number \u201c9\u201d has only just been printed on top of a candlestick on the Bitcoin daily chart, signaling the completion of the Setup phase. Considering that the Bitcoin price was originally in a bullish trend, it appears that the flagship cryptocurrency is set for a brief correction for a few days.<\/p>\n In recent days, there have been heavy discussions around the price of BTC revisiting and perhaps surpassing its current all-time high. Nevertheless, Martinez<\/a> advised investors to anticipate the Bitcoin price experiencing a brief pullback \u201cbefore higher highs.\u201d<\/p>\nAnalyst Says Bitcoin Price To Face Brief Correction \u2014 What Next?<\/h2>\n
Bitcoin Price At A Glance<\/h2>\n