Bitcoin Surges Above $26,000 Following Franklin Templeton’s Bitcoin ETF Filing
Bitcoin (BTC) experienced a significant surge of over 5% on Tuesday, reaching a price above $26,000 for the first time this week. This increase in price can be attributed to positive sentiment around the token, largely driven by asset manager Franklin Templeton filing for a spot bitcoin ETF with the US Securities and Exchange Commission (SEC) [source].
However, as the initial market euphoria subsides, the premier cryptocurrency has faced some market recorrection. Many investors are now speculating on the token’s next movement. Popular crypto analyst Ali Martinez has discovered a buy signal for BTC investors, but there are certain conditions that need to be met [source].
$28,350 or $31,800, How High Can Bitcoin Go?
According to Ali Martinez’s recent post on Twitter, the TD sequential indicator has produced a buy signal on Bitcoin’s weekly chart. This indicates that BTC could be poised for a price rally after experiencing a 10.85% decline in market value over the past 30 days [source].
“For this to be validated, BTC needs to close above $25,600 this week. If confirmed, targets could be…” [source].
The TD sequential indicator is a technical analysis tool used to identify the exact time of trend exhaustion and price reversal. Martinez notes that Bitcoin must close this week trading above $25,600 to confirm the buy signal generated by the indicator. If this condition is fulfilled, the analyst predicts that BTC could trade as high as $28,350-$31,800 in the coming weeks [source].
CPI Report Incoming: What Could This Mean For BTC Market?
BTC investors and crypto enthusiasts are eagerly awaiting the release of the United States’ monthly CPI data report on Wednesday. The Consumer Price Index, which measures the percentage change in the price of a basket of goods and services, is a popular indicator of inflation. If the report shows a rise in inflation for August, it may prompt the US Federal Reserve to hike interest rates, which could lead to a dip in the demand for risk assets like Bitcoin and other cryptocurrencies [source].
At the time of writing, Bitcoin is trading at $26,136.30, with a 1.64% price gain in the last seven days. The token’s daily trading volume has declined by 24.19% and is now valued at $14.83 billion [source].
Bitcoin’s price surge and potential future movements are attracting attention from investors and analysts alike. As market conditions continue to evolve, it remains to be seen how high Bitcoin can go and how external factors such as inflation will impact its performance.
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