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Crypto trader and analyst Ali Martinez is warning that Bitcoin (BTC) could undergo a significant correction amid a bearish signal from a reliable indicator.
Martinez tells his 139,100 followers on the social media platform X that the Tom DeMark (TD) Sequential indicator is suggesting that Bitcoin could fall by over 63% from the current level.
The TD sequential indicator is a technical analysis tool used to determine potential trend and price reversal points.
“This one indicator has predicted every major Bitcoin crash and it just flashed again. The Tom DeMark Sequential just gave a quarterly sell signal. This is a rare warning that has historically preceded brutal drawdowns.
Back in 2015, the same signal appeared and Bitcoin dropped 75% after. Then in 2018, same setup, same outcome – Bitcoin plunged over 85%.
Now it is flashing again. If this plays out like before, Bitcoin could drop below $40,000.”
Source: Ali Martinez/X
Bitcoin is trading at $107,850 at time of writing.
Citing data from the blockchain analytics platform IntoTheBlock, Martinez says that between May 22nd and June 29th, the number of Bitcoin transactions valued at more than $100,000 has fallen from 30,840 to 16,860, a drop of around 45%.
Source: Ali Martinez/X
The crypto trader and analyst also cites data from crypto analytics firm CryptoQuant suggesting that buyer interest for Bitcoin over 30 days has plummeted by 36,988 BTC.
“Apparent demand for Bitcoin has dropped to -37,000 BTC, signaling a sharp decline in buying interest!”
Source: Ali Martinez/X
