After generating a lot of optimism for nearly 6 months thanks to a significant rally and a string of developments – the biggest of which being spot exchange-traded fund (ETF) approvals and the halving – Bitcoin (BTC) entered into a period of struggle in April and, by May, into a full-blown bloodbath.
Indeed, after hitting a new all-time high (ATH) near $73,000 in March and sparking hopes that halving event might take BTC above $100,000 and possibly – by year’s end – to $300,000, Bitcoin started dropping until it finally crashed to approximately $57,000.
One crypto expert, however, believes the crypto market – at least for BTC – found its bottom, and their technical analysis (TA) of the cryptocurrency shows that the coin is now likely to surge.
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TD Sequential hints at looming Bitcoin rally
On May 2, the prominent crypto expert on X, Ali Martinez, posted their technical analysis of Bitcoin which demonstrates that – after briefly dropping below $57,000 – the world’s premier cryptocurrency is poised for a recovery.
An analysis tool known as TD Sequential – designed to identify a likely trend reversal or trend confirmation point – has indeed flashed a substantial buy signal on the daily chart, seemingly confirming a very similar signal that flashed less than a day earlier on the 4-hour chart.
Previously, Martinez assessed that $61,900 serves as an important support zone for Bitcoin with the downside potential being immense should it fall below it – and BTC did face a significant drop after losing the price.
Additionally, another crypto expert – Michaël van de Poppe – opined that Bitcoin will not only find its bottom in the first week of May but that it will drop below $61,000 before regaining an uptrend.
BTC price chart
Whether BTC has indeed found its bottom or a further collapse is incoming, the cryptocurrency has been struggling in recent trading. Indeed, with Bitcoin price today standing at $57,656.10 after a 1.05% daily drop and a 9.09% decline in the last 5 trading days, it is evident the coin failed to provide the expected post-halving results – at least in the short term.
On the other hand, despite the last 30 days of trading being similarly bloody with BTC being 11.93% in the red in the time frame, its longer-term performance has been substantially stronger and the world’s premier cryptocurrency remains 30.53% in the green year-to-date (YTD).
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