Bitcoin may have dropped by 2% in the past 24 hours, but analysts have kept their heads up high. According to analyst Nunya Bizniz, a technical indicator used by prominent institutional trader-turned-Bitcoin diehard that has predicted previous long-term rallies has shown its face once again. Nunya claims that a specific reading of the indicator, Tom Demark’s Sequential on the monthly chart, which has a fairly notable 71% hit rate, indicates that a “moon” rally for BTC may be inbound.
BTC – Monthly: Tom Demark's Sequential indicator, popularized in crypto by @ToneVays. Blue arrows represent a Green 2 trading above a Green 1 – a buy signal for Tone. Of the 7 occurences, 2 were negative. Max drawdown was 50% and was over within 4 months. All others = Moon. pic.twitter.com/Xx4sJDfw3G