Bitcoin (BTC) rose more than 5% on Tuesday and traded above $26,000 for the first time this week. A major contributor to this price increase was an increase in positive sentiment surrounding the token due to Franklin Templeton, a $1.45 trillion asset manager, filing for a spot bitcoin ETF with the U.S. Securities and Exchange Commission (SEC ).
However, as market euphoria subsides, the leading cryptocurrency has seen some market correction, with many investors now speculating on the token’s next move. In this regard, popular crypto analyst Ali Martinez has discovered a buy signal for BTC investors. However, there are certain conditions that must be met.
$28,350 or $31,800, How High Can Bitcoin Go?
According to a X message On Tuesday, Ali Martinez states that the TD sequential indicator has produced a buy signal on Bitcoin’s weekly chart. Therefore, BTC could see a price appreciation after losing around 10.85% of its market value in the past 30 days.
#Bitcoin | As we experience a week full of major financial events, it is crucial to highlight that the TD Sequential indicator has indicated a ‘buy’ in the stock market. $BTC weekly chart.
To validate this, #BTC should close above $25,600 for the week. If confirmed, the targets can… pic.twitter.com/0S06I5AndB
— Ali (@ali_charts) September 12, 2023
For context, the Tom Denmark Sequential Indicator (TD) is a technical analysis tool used to identify the exact time of trend exhaustion and price reversal. However, Martinez notes that there is a clause in his latest prediction.
To confirm the buy signal generated by the TD sequential indicator, Bitcoin must close trading above $25,600 this week. If this condition is met, the analyst predicts that BTC could trade as high as $28,350-$31,800 in the coming weeks.
CPI repositoryrt Inbound: What could this mean for the BTC market?
In other news, many BTC investors and crypto investors are likely on high alert and waiting for the United States to release its monthly CPI data report, which is expected to be released on Wednesday.
The consumer price index, which measures the percentage change in the price of a basket of goods and services, is a popular inflation indicator.
Related reading: Bitcoin price signals new bearish formation and could reach $25K again
If the upcoming CPI report shows a rise in inflation for the month of August, it could prompt the US Federal Reserve to raise interest rates, which is widely known to cause a dip in demand for risky assets like Bitcoin and others cryptocurrencies cause.
At the time of writing, Bitcoin acts at $26,136.30 with price gains of 1.64% over the past seven days, respectively. Meanwhile, the token’s daily trading volume fell by 24.19% and is now valued at $14.83 billion.
Bitcoin trading at $26,135.86 on the hourly chart | Source: BTCUSDT chart on Tradingview.com
Featured image from CNET, chart from Tradingview.
