Bitcoin has been in the spotlight recently due to an intriguing buy signal identified on your hourly chart. This indication comes amid noticeable fluctuations in Bitcoin’s price, setting the stage for potential near-term gains.

Renowned cryptocurrency analyst Ali highlighted the significant development on Bitcoin’s hourly chart, specifically noting the “buy signal” detected by the TD Sequential indicator. Developed by Tom DeMark, this technical tool is appreciated for its ability to predict price reversals by analyzing trend exhaustion points.

Decoding the TD sequential indicator on the Bitcoin chart

TD Sequential works in two main phases: setup and countdown. The setup phase requires nine consecutive price bars that gradually close up or down, depending on the direction of the trend.

After a successful setup, the countdown phase begins, looking for a sequence of 13 bars that continue the trend, but must close above the high or low of the previous two bars.

The end of this countdown usually signals the end of the trend, ready for a reversal. Bitcoin’s hourly chart shows the completion of this pattern, suggesting an imminent rally over the next few hours.

TD Sequential presents a buy signal on the stock exchange #Bitcoin hourly chart, predicting a potential bounce from one to four candlesticks $BTC! pic.twitter.com/pnAMFHHbPe

— Ali (@ali_charts) June 11, 2024

This technical forecast comes as Bitcoin faces downward pressure, having recently fallen below $67,000, a price level not seen since overdue May. Bitcoin is currently trading at $66,855, down 3.7%, which has sparked widespread commentary among investors and analysts.

Buy the Dip, says Mow

Samson Mow, CEO of Jan3 and a well-known Bitcoin advocate, recently thrilled Bitcoin community with a post on his X account that contained an bullish Bitcoin price forecast. Returning to his earlier post, he added a very bullish forecast that Bitcoin could reach up to $1 million per BTC.

In his post, Mow used a visual diagram to compare the capital currently available in the market with the amount of Bitcoin available and potentially mineable in the future.

The illustration did not specify an amount, but it effectively showed the diminutive amount of Bitcoin available compared to the huge amount of capital that could potentially buy it.

The diagram, designed as overlapping hourglass-like triangles, highlighted Bitcoin’s scarcity compared to available capital.

Speech’s post highlighted his point on the ongoing price decline, suggesting that despite the decline, Bitcoin’s fundamental outlook remains robust due to its constrained supply and growing usage. He uses the term “BTFD” – “buy the f***ing dip” – to suggest a bullish outlook.

I feel weird seeing this #Bitcoin the price will drop as we reach a level of unprecedented adoption. BTFD!

— Samson Mow (@Excellion) June 11, 2024

Featured image created with DALL-E, chart from TradingView