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Buy Bitcoin Signal Emerges as Jerome Powell Delivers Strong Economic Outlook

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Tue, 14/05/2024 – 15:50

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Prominent crypto analyst Ali Martinez has unveiled a bullish forecast for Bitcoin (BTC), as the TD Sequential indicator flashes a buy signal on the cryptocurrency’s hourly chart. This development comes amid Federal Reserve Chair Jerome Powell’s optimistic remarks on the state of the U.S. economy.

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The TD Sequential indicator operates on the principle of sequential counting of candlesticks to identify potential trend reversals or continuation patterns. According to Martinez’s analysis, the indicator has triggered a buy signal, indicating a potential price rebound for Bitcoin, which is currently trading at $61,800, approximately 20% below its all-time high. 

This signal typically occurs when a series of consecutive candlesticks display a specific pattern, signaling exhaustion of the current trend and suggesting a reversal may be imminent.

When Fed rate cut?

Meanwhile, Jerome Powell gave an optimistic outlook for the economy during the annual general meeting of the Foreign Bankers Association. 

Powell emphasized the resilience of the U.S. economy, citing last year’s GDP growth of more than 3% and the strength of the labor market, which he believes is as tight as it has been since before 2020.

However, he reiterated that patience is needed with regard to inflation, emphasizing the need for continued tight monetary policy measures to maintain economic stability. Despite acknowledging higher-than-expected first quarter inflation numbers, Powell expressed confidence in the economy’s ability to overcome challenges.

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