Crypto analyst Ali Martinez has indicated that Bitcoin (BTC) might be gearing up for a rally following a signal from a key indicator. Martinez pointed out the Tom DeMark (TD) Sequential indicator’s bullish trend on social media. He warned, however, that if Bitcoin fails to maintain its position above the important 100-day Simple Moving Average (SMA) at approximately $36,500, it could correct to $33,300, based on Fibonacci retracement levels.
The TD Sequential indicator aims to identify market turning points with a series of nine counts, suggesting a potential trend reversal. At the time of the report, Bitcoin had risen over 5% in the last 24 hours, trading at $41,831.
Additionally, Martinez noted a significant increase in Bitcoin network activity, with the number of active BTC addresses surpassing one million, indicating growing participation and usage of BTC.
Another bullish sign, according to the analyst, could be the continued accumulation of BTC by crypto whales even during the latest market correction. He highlighted that there has been a notable increase in major players, with 46 new entities now holding 1,000 BTC or more, representing a 3% increase in just two weeks.
Martinez’s analysis suggests that while Bitcoin must maintain critical support levels, the increased network activity and whale accumulation could be signaling an upcoming rally for the leading cryptocurrency.
