Will Bitcoin Return To $60,000?

Martinez said on X that Bitcoin may be ready for a run-up. The three-day chart shows two bullish candlesticks.

First, the pundit remarked that BTC is developing a three-day doji candle pattern. The Bitcoin chart is showing the Dragonfly doji candlestick pattern, which resembles a cross or plus sign with its horizontal line near to the top.

The dragonfly doji candlestick pattern may indicate a price reversal depending on market activity. Given the market's recent drop, a reversal would boost Bitcoin's price.

The dragonfly doji may indicate investor hesitation, thus it is not a reliable indication of a price reversal. Martinez saw another bullish configuration that may indicate a trend reversal.

Technical analysis uses the “Tom Demark” (TD) Sequential to identify trend depletion and price reversals, which underpins the second bullish formation. Martinez claimed the indicator showed a buy signal on the three-day Bitcoin chart.

The TD Sequential usually contains two phases: “setup” and “countdown.” Bitcoin's setup phase, which includes nine successive candles that closed lower than four periods earlier, is over.

When the TD Sequential creates “9” on top of a bullish or bearish candle, a reversal point may occur. Martinez's graphic shows the doji candle's “9” indicating a probable reversal.

Most investors will wonder whether the top cryptocurrency will return to $60,000. Recent chart patterns signal an upward rebound, although its scale is unclear.

Bitcoin Price Overview

Bitcoin is around $58,000, up 2.7% in 24 hours. Market leader is still down over 5% in the previous week.