As Bitcoin (BTC) has started to recover the losses suffered during the last cryptocurrency market dip, technical analysis (TA) indicators signal that a more significant rally could be in store for the flagship decentralized finance (DeFi) asset in the near future.
Specifically, Bitcoin has recently crossed its first bullish cross (weekly stochastic relative strength index – RSI) at such a low level for the first time since July 2022, according to the observations shared by a pseudonymous cryptocurrency analyst Moustache a.k.a. el_crypto_prof on September 18.
$28,000 – $31,000
In addition to this bullish sign, cryptocurrency trading expert Ali Martinez has noted a buy signal at Bitcoin’s three-day chart by the TD Sequential indicator, a TA tool created by market analyst Tom DeMark and used to assess the potential trend reversals and continuation patterns in financial markets, including the cryptocurrency market.
Indeed, according to Martinez, “a boost in BTC buying pressure might drive prices to the channel’s mid or upper boundary – targeting $28,000 or $31,000.” However, he still recommends watching the “TD Risk Line at $24,500,” which he identified as the “key invalidation point” for the prognosis.
Bitcoin price analysis
As things stand, Bitcoin is presently changing hands at the price of $27,119, recording an advance of 1.92% in the last 24 hours, as well as an increase of 5.56% across the past seven days and a 4.67% gain over the previous month, as the most recent charts indicate.
As it happens, Bitcoin has finally managed to break the important psychological level at $27,000, and further increases could be in store for the maiden crypto asset as long as the indicators remain bullish and keep attracting optimistic sentiment among investors on the wider market.
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