Crypto analyst Ali Martinez has predicted a bullish future for Bitcoin (BTC) as the TD Sequential indicator shows a buy signal on the cryptocurrency’s hourly chart. This positive development coincides with Federal Reserve Chair Jerome Powell’s upbeat comments on the U.S. economy.
The TD Sequential indicator works by counting candlesticks to identify potential trend reversals or continuation patterns. According to Martinez, the indicator has signaled a buy, suggesting a potential price rebound for Bitcoin, which is currently trading at $61,800, about 20% below its all-time high.
This buy signal typically occurs when a series of consecutive candlesticks display a specific pattern, indicating exhaustion of the current trend and hinting at a possible reversal.
Meanwhile, Jerome Powell painted a positive picture of the economy during a meeting with the Foreign Bankers Association. He highlighted the resilience of the U.S. economy, pointing to last year’s GDP growth of over 3% and the strength of the labor market, which he believes is as strong as it was before 2020.
Although Powell stressed the need for patience with inflation and the importance of maintaining tight monetary policies for economic stability, he expressed confidence in the economy’s ability to overcome challenges, despite higher-than-expected first-quarter inflation numbers.