Bitcoin Could Drop To $40,600 If This Happens, Crypto Analyst Says

As a seasoned researcher with over two-orbitcoinvestigator investigurely, I’9642324075147821561, I have you know, I’s I’s newsworth of and technical analysis field, I’ve spent years studying the cryptocurren market, and I’melfor Martinez””s TD Sequential Signal signal on BTC price chart, I’ve worked as a analyst Ali Martinex’s recent post shared by the 2-month Bitcoin price chart.


An expert has detailed how the value of Bitcoin might plum to a low of around the $40,00 level, as indicated by analyzing its two-month charts, if a potential drop to around $40,600-level analysis, it is suggested that the price of Bitcoin could see a fall to around 40,600 levels based on a pattern emerging in its 2-month price chart.

Bitcoin Has Seen A TD Sequential Sell Signal On Its 2-Month Price

In his latest article on X, analyst Ali Martinez delves into a Tom Demark (TD) Sequential signal that has recently appeared in the 2-month Bitcoin price chart. The TD Sequential is a technical analysis tool often employed to predict potential price reversals for various assets

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Bitcoin Could Drop To $40,600 If This Happens, Crypto Analyst Says

Looking at the chart before me, it seems like the past two months’ Bitcoin price movement has completed a TD Sequential pattern, marked by nine consecutive green candles. This suggests that I might be nearing a peak in my crypto investment, potentially indicating a time to consider taking profits or holding tight for a possible correction

Ever since the signal emerged, Bitcoin’s trend has been heading downwards, and at the moment, its value is below $57,000. It seems that the bearish influence of this pattern could have already started manifesting

According to Martinez’s analysis, if Bitcoin experiences a significant drop, it might find support around the $51,000 mark. This level aligns with the 0.236 Fibonacci Retracement level derived from Bitcoin’s latest peak

Fibonacci Retracement levels are calculated using the Fibonacci sequence, where the ratio between consecutive numbers in the sequence (after the fifth one) remains constant across the series

There’s a chance that Bitcoin might receive backing at the upcoming significant ratio, but if the $51,000 support level is broken, it could potentially drop as low as $40,600 – this level aligns with the 0.382 Fibonacci Retracement point

If Bitcoin returns to its present level, it means it has experienced a drop of over 28% from its current value. Time will tell what direction this digital asset takes moving forward

BTC Price

Over the last 24 hours, Bitcoin has continued its recent downward trend, with its value dropping to approximately $56,600

Bitcoin Could Drop To $40,600 If This Happens, Crypto Analyst Says

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2024-09-05 05:11