Is Bitcoin’s Rally Over? Top Analysts Predict Imminent Price Corrections

Samuel Edyme

1 year ago

3 mins read

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As Bitcoin navigates through significant price changes, varying analyses from crypto analysts have painted a diverse picture of its short-term trajectory.

A prominent crypto analyst, Ali, identified a sell signal on Bitcoin’s short-term charts using the TD Sequential indicator.

According to Ali’s analysis, the TD Sequential indicator suggested that Bitcoin’s current uptrend might be losing momentum. This could potentially lead to a correction over the next one to four candlesticks, particularly noticeable on the four-hour chart.

The TD Sequential presents a sell signal on the #Bitcoin 4-hour chart, anticipating a one to four candlesticks correction for $BTC. pic.twitter.com/OC9Clv0Tat

— Ali (@ali_charts) May 16, 2024

Diverging Bitcoin Views From Top Crypto Analysts

Contrasting this perspective, another prominent analyst, Rekt Capital, recently provided a more optimistic view. According to Rekt Capital, Bitcoin ended its downtrend in mid-April, breaking into an uptrend with its price surpassing previous resistance levels.

This change has been marked by Bitcoin forming its first higher high since its drop to $56,000, as highlighted by Rekt Capital. This indicates a possible continuation of the bull market despite periodic market attempts to unsettle investors.

The TD Sequential indicator’s sell signal comes as Bitcoin has shown a 7.6% increase over the past seven days, reaching a 24-hour high of $66,567 before retracing slightly to $65,592.

Bitcoin (BTC) price chart on TradingView — BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

Rekt Capital noted the significance of the $60,000 support level, suggesting that maintaining this level is crucial for further positive momentum. He remarked that the recent breakout to $66,000 is a testament to how quickly market sentiment can shift toward a bullish trend.

The analyst disclosed:

The Bitcoin Bull Market is not over. But time and time again, the market will try to shake you out of your positions before you are able to profit significantly from them.

Insights From Galaxy CEO On BTC’s Future Trends

Meanwhile, Mike Novogratz of Galaxy Digital commented on the broader market trends, noting that the crypto sector is at a critical juncture where narratives are evolving, and the market landscape could change rapidly, especially with impending regulatory developments in the US.

Mike Novogratz further expanded on the macro view, suggesting that the next few months could be pivotal for the crypto market as it responds to new narratives and regulatory developments.

It’s been a fascinating week in crypto. Narratives are forming and odds are shifting. It’ll be interesting to watch the next few months play out, and even more interesting to watch the jump shift that’ll occur as soon as there’s regulatory clarity around crypto in the U.S.… pic.twitter.com/t0g5rTIKjP

— Mike Novogratz (@novogratz) May 16, 2024

He also recently predicted that Bitcoin’s price will oscillate between $55,000 and $75,000 for some time, indicating a phase of consolidation before any major moves.

Featured image from Unsplash, Chart from TradingView

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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