Prominent crypto analyst Ali Martinez has revealed a bullish forecast for Bitcoin (BTC), as the TD Sequential indicator shows a buy signal on the cryptocurrency’s hourly chart. This development comes amid Federal Reserve Chairman Jerome Powell’s optimistic comments about the state of the US economy.
Prominent crypto analyst Ali Martinez has revealed a bullish forecast for Bitcoin (BTC), as the TD Sequential indicator shows a buy signal on the cryptocurrency’s hourly chart. This development comes amid Federal Reserve Chairman Jerome Powell’s optimistic comments about the state of the US economy.
The TD Sequential indicator operates on the principle of sequential counting of Japanese candles to identify possible trend reversals or continuation patterns. According to Martínez’s analysis, the indicator has activated a buy signal, indicating a possible rebound in the price of Bitcoin, which is currently trading at $61,800, approximately 20% below its all-time high.
This signal usually occurs when a series of consecutive candles show a specific pattern, indicating exhaustion of the current trend and suggesting that a reversal may be imminent.
When will the Fed cut rates?
Meanwhile, Jerome Powell offered an optimistic outlook for the economy during the Foreign Bankers Association’s annual general meeting.
Powell emphasized the resilience of the U.S. economy, citing GDP growth of more than 3% last year and the strength of the labor market, which he believes is as tight as it has been since before 2020.
However, he reiterated that patience is needed regarding inflation, emphasizing the need to continue strict monetary policy measures to maintain economic stability. Despite acknowledging higher-than-expected first-quarter inflation figures, Powell expressed confidence in the economy’s ability to overcome challenges.
