Should the Decline Be Taken? Critical Explanations from Two Bitcoin Masters!

Should the Decline Be Taken? Critical Explanations from Two Bitcoin Masters!
Should the Decline Be Taken? Critical Explanations from Two Bitcoin Masters!

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Renowned Bitcoiner Samson Mow explains what fate potentially awaits the Bitcoin price. Mow published a BTC-themed post that triggered heated reactions from the Bitcoin community. Meanwhile, Bitcoin’s decline has attracted attention. However, popular analyst Ali Martinez says things could change thanks to a buy signal.

Interesting post from a Bitcoin maximalist!

As you’ve been following on, Bitcoin, the leading crypto, has suffered serious altitude loss. This has disappointed Bitcoin maximalists and investors. However, they remain convinced that this is a temporary situation. Samson Mow, the boss of Jan3, a company focused on Bitcoin adoption, published a diagram showing the ratio of available capital in the market to Bitcoin. There are no numbers in this diagram. But it visually shows that the amount of BTC available is very small compared to the capital available to buy it. The diagram depicts both capital and Bitcoin in the shape of a triangle. Also, together they look like an hourglass.

Samson Mow posted today, “As you watch the price of Bitcoin fall, remember where it inevitably goes.” Thus, he announced a bullish BTC price prediction. Mow is one of the maximalists who expect Bitcoin to eventually reach the $1 million price level. However, Mow expressed his surprise at Bitcoin’s decline despite its currently staggering adoption level. In this context, he said, “It feels strange to see the price of Bitcoin drop when we’re at an unprecedented adoption level. BTFD!” he said. BTFD stands for “buy the friendly dip”.

‘Buy’ signal on the hourly BTC chart!

On Bitcoin’s hourly chart, TD Sequential signaled a buy signal. Accordingly, it showed that BTC has the potential to rise by one to four candlesticks. Popular analyst Ali Martinez drew attention to this situation. In this context, the analyst made the following statement:

TD Sequential has provided a buy signal on the Bitcoin hourly chart, predicting a potential one to four candlestick rebound for BTC!

Analysts use this indicator to detect possible asset price turning points, usually in technical analysis. Created by Tom DeMark, the indicator finds trend exhaustion points by examining a series of price bars. The indicator has two phases: the setup phase and the countdown phase. The setup phase requires nine price bars in a row, each closing higher (in a downtrend) or lower (in an uptrend). If this setup is successful, the subsequent countdown phase looks for a series of 13 bars that close lower (in a downtrend) or higher (in an uptrend) than the two bars that came before.

When a countdown is complete, it usually indicates that the trend has reached its limit and a reversal is about to take place. TD Sequential gave a buy signal on the hourly Bitcoin chart. Hence, it potentially predicted a price reversal. According to the analyst, it is possible that this signal could provide a short-term breakout from the current bearish trend.

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Should the Decline Be Taken? Critical Explanations from Two Bitcoin Masters!